BNB Targets $580 as Key Level for Potential Breakout and Bigger Gains

BNB surges past key resistance with a 6.33% gain, signaling potential for a further bullish run towards the $580 level as whale activity intensifies.

Binance Coin [BNB] is currently capturing attention in the crypto market with a significant upward momentum. Over the past 24 hours, BNB has experienced a 6.33% increase, pushing its weekly gains to 9.08%. This surge has propelled BNB market cap to $82.9 billion, as reported by CoinMarketCap.

Adding to the excitement, BNB trading volume has seen a 25.37% spike, reaching $1.8 billion within the same period. These figures reflect renewed interest and activity surrounding BNB.

Whale investors, those holding over $5 million in BNB, currently control 55.142% of the supply. This concentration of wealth could lead to significant price movements, either up or down, due to the increased liquidity it provides. Additionally, a substantial liquidation pool at the $580 price level, where around 1.44 million BNB are pooled, could act as a springboard or a potential risk to the price action.

BNB trading chart on TradingView indicates promising breakout signals. The coin has broken through a descending trendline, suggesting a bullish reversal. A symmetrical triangle pattern has also formed, which historically signals a continuation of a bullish trend. The $555 level has now flipped from resistance to support, indicating that BNB might be gearing up for further gains.

Despite the bullish outlook, the stochastic relative strength index (RSI) is currently in the overbought zone, indicating the possibility of a short-term pullback. However, continued development activity within the Binance Coin ecosystem could drive long-term growth. Investors should keep a close watch on the $600-$650 range for the next significant move.

With BNB breaking above key levels and strong whale activity, the stage is set for potential gains, but caution is advised as the market remains dynamic.

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