- BNB, after rising 10.45% in the last 24 hours, started testing the resistance at $491 at the time of writing.
- Netflow data indicated bullish holding behavior.
The cryptocurrency market has been a wild ride in recent weeks, with Binance Coin [BNB] experience large price fluctuations.
Binance Coin has shown exceptional resilience after falling 32% during the broader crypto crash.
In less than 24 hours, BNB registered an impressive increase of 10.45%. Therefore, it should come as no surprise that traders and investors are showing increased interest.
The $491 Battlefield
At the time of writing, BNB was testing the key resistance level at $491. This level is critical as a breakout above it could indicate further upward momentum.
The recent price action shows increasing bullish sentiment, but the question remains whether BNB can maintain this momentum and break through the resistance.
Source: TradingView
The stochastic RSI is in an oversold zone, indicating a potential bullish reversal.
Liquidation landscape
According to AMBCrypto’s analysis of Coinglass liquidation data, some significant liquidation levels are evident, showing that investors are actively positioning around key price points.
Such increased activity can increase volatility as prices approach critical levels.
The $584k liquidation pool at $472 could act as a price magnet, potentially pulling the price down for a short-term correction.
Source: Coinglass
BNB netflow whispers
AMBCrypto further analyzed the Coinglass netflow exchange data. The data shows that there is a huge outflow, which implies that investors no longer want to withdraw their BNB from the stock exchanges.
This behavior normally indicates a holding mentality as people transfer assets to private portfolios for longer-term storage.
In most cases, this type of action supports bullish sentiment as it reduces selling pressure on the stock markets.
Source: Coinglass
While the current momentum appears bullish, breaking the $491 resistance level is crucial for confirming a longer-term uptrend.
Read Binance Coin’s [BNB] Price forecast 2024-25
A successful breakout can provide an opportunity for more gains, reaching previous highs.
However, failure to exceed this level could lead to consolidation or a short-term pullback.
