2024-8-28 12:29 |
Binance Coin (BNB) exhibited bearishness today, trading at $554 after a 1.75% decline within the past day.
While the decreasing 24-hour trading volume signals weakness, an analyst predicts an explosive move that takes the altcoin to new all-time highs of $900.
However, The Moon highlighted two conditions necessary for BNB to attain the 62% surge from the current price.
Nevertheless, on-chain indicators indicate a potential delay for the anticipated uptick to $900.
BNB’s 62% surge depends on two conditionsThe Moon’s analysis shows BNB could skyrocket to new ATHs if it overcomes the descending falling wedge and a crucial resistance wall.
Such developments could propel BNB from $544 to $900, translating to a 62.45% upswing.
Notably, Binance Coin is about to meet one of the conditions. The analyst added that the alt will break out from a weekly falling wedge anytime soon.
Once the token breaks past the resistance formed during the 2021 all-time highs, BNB would fly towards the targeted $900.
Nevertheless, on-chain metrics forecast potential delays in breaching the wedge setup and the historical resistance.
Weakening retail activity darkens BNB’s upside pathOn-chain data confirms reduced optimism from retail traders. Open Interest (OI), which represents the unsettled/open derivative contracts on Binance Coin, has plunged.
Options and futures OI dipped by 54.67% and 4.91% in the previous 24 hours, according to Coinglass.
Declined OI indicates traders closing their positions. That will likely decrease liquidity in the BNB marketplace, weakening prices further.
Moreover, long traders have faced massive liquidations over the past day, with longs accounting for $272 of the total $340 worth of rekt BNB.
Such highlights confirm immense selling momentum and pessimism by traders and investors. These trends will likely delay Binance Coin’s expected surge.
Nevertheless, BNB is one of the most popular tokens in the crypto space, recognized for its top-notch utility as Binance exchange’s native coin.
Its unique position in the market sets it for solid growth in the long term as the largest crypto exchange by volume launches more products and services.
BNB will likely outperform during broad-based rallies to explore levels above $900.
BNB price outlookBinance Coin trades at $544 after losing 1.75% of its value within the past day. The downside emerges as bulls appear to have lost steam.
BNB 1D Chart on CoinmarketcapBNB should reclaim $560 to extend its upside in the near term. Failure to do that could trigger declines towards the support at $540. Weakness at this value area will see the token plummeting to $520.
Binance Coin’s current outlook suggests potential declines before recoveries.
A massive bull comeback amid broad market rallies remains essential for BNB to climb toward the predicted ATHs of $900.
The post Binance Coin (BNB) price: satisfying these two conditions could trigger a 60% surge appeared first on Invezz
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