BNB has just broken through its previous barriers, reaching a new ATH of $774 after six long months of resistance.
BNB finally escaped the eight-month resistance zone that had been holding it back, $800 next?
Bigger market activity, bigger price
This breakout has caused a spike of market activity, signaling quite strong investor confidence and a continued uptrend.
Right now, BNB’s momentum is still going strong, and it looks set to keep climbing higher.
The mood around BNB is incredibly upbeat in the time of writing, thanks to a 16% price jump in just the last 24 hours.
This rally has led to some serious market liquidations, with about $3 million worth of short positions getting wiped out, as many bears were caught off guard.
They expected a pullback, but BNB had other plans and invalidated those predictions.
The excitement has also led to volatility, impacting even the most confident traders, so in fact, there were $2.26 million in long liquidations as well, highlighting how intense the price action has been lately.
This kind of market movement shows a big shift in sentiment, with both pessimists and overly optimistic traders feeling the heat.
Technical indicators are looking strong
From a wider perspective, BNB’s technical indicators are looking pretty solid. The Average Directional Index is above 25, which suggests that this uptrend is gaining more strength.
This isn’t just a fleeting rally, because it indicates that BNB is on a path for sustained growth, and with such a strong trend in place, the cryptocurrency seems well-positioned to reach even higher levels. When $800?
The ongoing upward momentum is boosted by increasing market participation and rising investor optimism.
As long as the ADX stays above that key threshold, we can expect this uptrend to continue in the coming weeks.
This technical setup gives BNB a good shot at maintaining its price rally despite any market turbulence.
Conquer
BNB had a major turnaround last month after finally breaking through the eight-month resistance block between $572 and $619.
It faced challenges at the $658 resistance level, but it managed to push past that hurdle in the last 24 hours, reigniting bullish sentiment.
Now that BNB has reached this new ATH, it’s eyeing $800 as its next bigger target for resistance and support.
If this momentum keeps up, hitting that level could definitely be on the table, fueled by ongoing bullish interest.
Of course, profit-taking could shake things up, because if investors decide to cash out their holdings, we might see a correction coming. Such a pullback could drop BNB’s price down to its support level around $721.
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