Binance Coin (BNB) Builds Momentum Toward a Possible $1,000 Rally

The Binance coin (BNB) is in a narrow consolidation stage, as market momentum is decelerating. Bitcoin has been unable to surpass the $100,000 threshold again, limiting the major altcoins. The traders are currently monitoring BNB keenly since the asset is heading toward a critical range, which may determine its further directional trend in the short run.

At the time of writing, BNB is trading at $927.74, having fallen by 1.89% in the past day. Trading volume has increased by 55.85%, and it currently stands at $2.99 billion. The coin price has grown by 3.13% over the last week. 

Source: CoinMarketCap

BNB Approaches Key Breakout After Pattern Completion

Analyst Crypto Chiefs pointed out that BNB had completed the Adam and Eve bottom formation. This trend focuses on a recovery after past weakness. The reversal would be verified by a breakout and level hold above the current range.

This confirmed movement above the zone may lead the way to the psychological region of $1,000. That is still the second biggest barrier to buyers. The analyst further added that the structure remains intact so long as the price remains close to support levels.

Source: X

Furthermore, another analyst, CryptOpus, has mentioned that BNB has already retested the support area and is above the support. He proposed a stop loss at $900. He predicts a brief lateral move before the subsequent decisive move.

Source: X

Also Read: Celestia (TIA) Breakout Alert: Inverted H&S Pattern Set to Skyrocket to $0.78?

RSI and MACD Show Neutral but Gradual Bullish Momentum

The Relative Strength Index (RSI) represents the average momentum. RSI is at 58.03, and the signal line is 60.95. These values are a slight strength but not an overbought reading. The traders consider this zone a neutral zone, which implies that the market can move in either direction.

Moving Average Convergence Divergence (MACD) shows that the trend is moderately bullish. The MACD is at 16.84, and the signal line lies at 14.38. The histogram is positioned on 2.46 with a minor positive pressure. These readings reveal a moderate volatility in the upward movement.

Source: TradingView

Volume Surges While Open Interest Declines in BNB

CoinGlass data show that the trading volume rose by 94.03% to $1.67 billion. Open Interest dropped by 5.59% to $1.50 billion, which shows reduced leveraged exposure. The BNB OI-Weighted Funding Fund stands at -0.0038%.

Source: CoinGlass

Over the past 24 hours, the total liquidations were $4.31 million. There are $4.02 million long and $288.28K short positions. This separation is indicative of a failed effort to continue to push the current spectrum higher.

Source: CoinGlass

BNB now stands at a critical juncture of traders. Its subsequent directional move shall rely on a proven breakout or rejection.

Also Read: Ethereum (ETH) Shows Potential Upside with Key Levels Toward $3,700 Target