BNB: Why a move to $650 next week is not impossible
  • BNB has risen over 8% in the past 7 days.
  • Most indicators and indicators appeared bullish on the coin.

BNB showed a promising bull market rally, with prices rising more than 8% last week. While that was happening, a bullish pattern appeared on the coin’s price chart. If BNB successfully breaks out of this pattern, the price could become volatile towards the north.

Bullish pattern on BNB chart

After a comfortable weekly rally, the coin’s volatility decreased as it moved only slightly on the last day.according to coin market capBNB price has fallen by 0.5% in the past 24 hours.

At the time of writing, it is trading at $608.62, giving it a market capitalization of over $89.8 billion. However, BNB volatility may recover soon.

Captain Fibig, a popular cryptocurrency analyst, recently posted the following: Tweet We are referring to the formation of a bullish symmetrical triangle pattern on the coin’s price chart. A successful breakout of this pattern could send BNB price soaring by more than 40%.

Investors also seemed to have a lot of confidence in BNB and were expecting its value to skyrocket. This is evident from the fact that the coin’s weighted sentiment spiked on April 25th.

Its social volume also remained high, reflecting its popularity in the crypto space.

BNB social volume increases

Source: Santiment

Is a bullish runaway inevitable?

AMBCrypto then checked other datasets to see if the coin is likely to successfully test the bullish pattern.

Analysis of Santiment data reveals that BNB’s open interest has increased with price. This suggested that the bull market for the coin could continue.

Furthermore, funding rates have also dropped significantly. In general, prices tend to move in the opposite direction to the direction of funding rates, further hinting at a bullish rally in the coming days.

BNB funding rate declines

Source: Santiment

Technical indicators also looked quite optimistic. For example, Chaikin Money Flow (CMF) is well above the neutral mark of 0. At the time of this writing, that value was 0.15.

The good news is that the Money Flow Index (MFI) has recorded a sharp rise, increasing the likelihood of price appreciation.

However, the Bollinger Bands point out that BNB price is in a low volatility zone, which means BNB price could show an unprecedented northward surge in the short term. There is.

Source: TradingView

Regardless of whether it is realistic or not, this BNB market capitalization based on SOL standards

AMBCrypto then checked Hyblock Capital’s data and found BNB a potential target if it can start another bull run.

According to our analysis, it is important for BNB to rise above $620 as liquidations will increase sharply at that level. Increased liquidations often result in price corrections. A successful move above that level could push the coin’s price above $650.

Source: Hyblock Capital

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