The world of Cryptocurrency is booming once again with Binance Coin (BNB) leading the pack. In the past 24 hours, the price of BNB has risen over 1.5%, climbing beyond the $810mark. Considering the slight weaknesses experienced during the session, this is a significant milestone. Moreover, BNB markappeared to have regained strength from the lows of the $800 support level.
Targeting New Resistance Levels
BNB is presently eying the resistance level at the $815 mark, following the support of the buyers, which escalated its prices upwards through several micro-resistance points. According to a technical analysis model developed by CoinDesk Research, the ongoing adoption by corporations significantly contributes to this uptrend in BNB’s performance.
Big Corporate Moves
The cryptocurrency world recently witnessed CEA Industries becoming the top corporate holder of Binance Coin after purchasing BNB worth $160 million. There has been movement from other companies such as Nano Labs and Windtree Therapeutics in establishing BNB treasuries. These corporate investments continue to positively affect the performance of BNB in the market.
BNB Trading Trend
The disciplined movement of BNB’s price in the past 24 hours is suggestive of institutional accumulation. Trading within a $22.41 range, BNB made shockwaves, ranging from a low of $792.47 to a high of $814.88. The consistent purchase at the $800-$803 level by buyers indicated a sturdy support retest. This action also indicates a readiness to defend the zone.
Resistance Points
Initial resistance made an appearance near the $811.71 mark, with another in the $814-$815 region, where algorithmic software initiated selling pressures. This pattern altered when BNB started creating higher lows at $800.44, $801.20, $802.47, and $804.08, steadily mitigating all sell orders.
Removal of Key Resistance Barriers
Sustained buying interest is often signaled when key resistance barriers are removed. For BNB, this phenomenon occurred at $803.50, $807.20, and $809.50. The removal of these barriers signifies the ongoing growth phase of BNB and its potential to reach new highs in the impending sessions.
Bullish Momentum
A spike in volume at the $800.44 support level administered a crucial push into higher grounds with an untimely break above the $804 mark. The ensuing rally following the breakout drove the token to intraday highs near $810.57 before settling just a shade below the $815 resistance zone. And now, this level stands as the next hurdle for BNB in its path of bullish momentum.
Disclaimer: All the information included in this article is generated with the help of AI tools, but they have been carefully verified by our editorial team to ensure accuracy and adherence to our standards.
