The post BNB Poised for Potential Bullish Breakout Amid Consolidation: Eyes on $800 Target appeared on BitcoinEthereumNews.com.

Binance Coin [BNB] recently showed a significant price uptick despite a general market downturn. Most on-chain indicators painted an optimistic picture for the cryptocurrency. However, social sentiment metrics for BNB displayed a downward trend, contrasting with its price movement. Explore the recent bullish momentum in Binance Coin [BNB] and what it means for the cryptocurrency market. BNB’s Recent Price Surge: Analyzing the Trends Binance Coin [BNB] was one of the few major cryptocurrencies to register a positive daily performance amidst a broader market slump. According to CoinMarketCap, BNB saw its price increase by over 3.5% in the last 24 hours, trading at approximately $539.01 with a market capitalization exceeding $478.6 billion. Despite this upward trend, social metrics such as social volume and weighted sentiment indicated a decline, suggesting that the bullish price action may not be entirely reflected in the broader market sentiment. Chart Patterns and Technical Indicators Prominent crypto analyst, World Of Charts, identified a falling wedge pattern in BNB’s chart, which has been consolidating within this range since March. This pattern, often seen as bullish, is now showing signs of a potential breakout. If BNB successfully breaks out of this formation, it could potentially aim for the $800 mark. Supporting this bullish outlook, technical indicators such as the MACD showed a bullish crossover, and the Chaikin Money Flow (CMF) also pointed towards an uptick, signaling continued price growth. Whale Activity and Market Sentiment Data from Hyblock Capital revealed a considerable whale presence in BNB’s market, as evidenced by the whale vs. retail delta standing at 100, indicating that whales have a longer exposure in the market. This can be interpreted as a positive indicator. Additionally, Coinglass data showed an increase in BNB’s Long/Short ratio, highlighting a preference for long positions over short ones, which further reinforces the bullish…

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Filed under: News - @ August 18, 2024 4:14 pm