BNB has recorded a strong rally, setting a new all-time high (ATH) after six months of pressure from the resistance zone. The recent price action marks a significant turning point for the cryptocurrency, as it broke through an eight-month resistance zone between $572 and $619.
The breakout was accompanied by a significant increase in market activity, demonstrating strong investor confidence. At the time of writing, the momentum remains intact, and BNB is poised to continue its bullish momentum.
Signs that BNB is headed for a new high
The market sentiment around BNB is currently bullish, thanks to a 16% increase in the past 24 hours. The rally has led to large liquidations in the market, with $3 million worth of Short positions liquidated.
The rally has caught many traders by surprise, as they expected a correction but saw BNB deny those predictions. The rally has also generated volatility, which has affected even the most optimistic traders. In fact, the bullish sentiment has resulted in $2.26 million in long liquidations, indicating that the market is currently in a state of extreme volatility. These liquidations reflect a sudden shift in market sentiment, with both bears and overextended bulls caught in the crossfire.
From a macro perspective, BNB’s technical indicators show a strong and growing trend. The Average Directional Index (ADX) is at a notable level, above 25, signaling that the current uptrend is strengthening. This technical signal reinforces the view that BNB is not just experiencing a short-term rally but is on a sustainable growth path. With a solid trend, the cryptocurrency is well-positioned to continue moving towards new highs.
The bullish momentum is also supported by market participation and investor optimism. With the ADX indicator remaining above a key level, the strength of the uptrend is expected to continue in the coming weeks. This technical setup offers the potential for BNB to maintain its bullish momentum and avoid major corrections, even in the face of market volatility.
BNB Price Forecast: Continued Bullish
BNB price experienced a major turnaround last month when it broke above an 8-month resistance zone between $572 and $619. Despite facing resistance at $658 in recent weeks, the altcoin has successfully broken above this level in the past 24 hours, rekindling strong bullish sentiment. This breakout marks a strong bullish momentum for BNB.
After breaking above the resistance, BNB has reached a new record high and is now targeting the next target at $800. If this momentum continues, a move to $800 is possible, fueled by strong bull interest. This creates a positive outlook for the altcoin’s price trajectory.
However, profit-taking could disrupt the rally. If investors decide to sell, a correction could occur, pulling BNB to the support at $721. If the price continues to fall further, the bullish outlook would be invalidated, suggesting a shift to a more cautious market sentiment.
