Breakout Alert! BNB Soars 5%, Eyes on $600 Level
The post Breakout Alert! BNB Soars 5%, Eyes on $600 Level appeared first on Coinpedia Fintech News
On August 18, 2024, Binance’s native token BNB gained significant attention from investors and traders due to a notable price surge in this ongoing struggling market. According to a coinmarketcap, BNB has seen a price surge of over 5% in the last 24 hours.
BNB Outperformed BTC and ETH
With this significant price surge, it has outperformed Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
This massive price surge in BNB occurred following the breakout of the consolidation zone between $498 and $525. With this breakout, BNB has shifted to an uptrend as it is moving above the 200 Exponential Moving Average (EMA) on a daily time frame.
BNB Price Prediction
Based on the price action and technical analysis, following this breakout, there is a high chance that BNB could soar 10% to the $600 level in the coming days. However, this consolidation near the support level indicates a bullishness.
At press time, BNB is trading near $545 and has experienced a price surge of over $5% in the last 24 hours. Meanwhile, its trading volume has declined by 3% during the same period, indicating lower participation from traders amid the struggling cryptocurrency market.
BNB’s Open Interest
However, with this breakout, interest among traders and investors is gradually increasing. According to the on-chain analytic firm CoinGlass, BNB’s open interest increased by 8% in the last 24 hours, and by 2.5% and 4.6% in the last 1 hour and 4 hours respectively.
Amid BNB’s impressive price surge, other top cryptocurrencies including BTC, ETH, and SOL have experienced a price drop of 0.25%, 0.40%, and 0.69%, respectively in the last 24 hours.
