Analyzing the potential of BNB after moving THIS crucial price level

• BNB has broken through key resistance at $634.85, indicating potential for further upside.
• Technical indicators, rising open interest, and increased social volume point to continued momentum in the near term.

Binance Coin (BNB) has made a notable move and broke its key resistance level at $634.85, signaling the possible start of a new uptrend.

At press time, BNB is trading at $653.79, up 5.79% in the last 24 hours. This breakout has caught the attention of traders and many are wondering if the token can maintain its uptrend and aim higher.

With key technical indicators signaling bullish signals, all eyes are now on BNB’s ability to sustain above this crucial level.

Price Action Analysis: Is the Breakout Sustainable?

BNB’s recent price action shows a decisive breakout from its symmetrical triangle pattern, which had kept the token’s price range limited for several weeks.

A symmetrical triangle typically signals consolidation before a breakout, and BNB price has risen above key resistance at $634.85.

This level is now transitioning to support, which is crucial to BNB’s ability to continue rising higher. The immediate question is whether BNB can sustain this bullish momentum and push towards its next resistance zones around $680 and $700 or whether the price will face a retracement.

Source: TradingView

BNB Technical Indicators: What do the charts show?

BNB’s Relative Strength Index (RSI) is at 58.84, suggesting that the asset is slightly in bullish territory but not yet overbought. This suggests that there is still room for further upside before reaching an overbought condition that could lead to a price decline.

Furthermore, the MACD is showing a bullish crossover, reinforcing the possibility of further upside. These indicators suggest that BNB is in a favorable position for further gains as long as it can maintain support above the breakout level.

Source: TradingView

Social volume: Is interest increasing?

Social volume has increased slightly from 0.565 to 0.707 in the last 24 hours. Although this increase is modest, it reflects growing interest and engagement around the token.

This increase in social activity is often accompanied by price increases, indicating that more traders and investors are starting to take note of BNB’s recent price movements. If this trend continues, it could contribute to further upward movement in the short term.

Source: Santiment

Market sentiment: What does open interest tell us?

Open interest increased significantly by +6.74% and reached $973.10 million. This increase suggests that more traders are opening positions in anticipation of further price action, reflecting growing confidence in BNB’s bullish outlook.

The increase in open interest suggests that traders are anticipating further price movement and bracing for potential profits.

Consequently, this positive market sentiment reinforces the notion that BNB has the potential for further bullish momentum as long as it remains above its recent breakout level.

Source: Coinglass

Read Binance Coin (BNB) Price Prediction 2024-2025

Conclusion: Is BNB Set for Further Gains?

BNB’s breakout above $634.85 combined with bullish technical indicators and increasing open interest suggests that the token is poised for further gains. The increase in social media volume also signals that market interest is increasing, potentially leading to further upside.

Therefore, BNB is likely to maintain its uptrend in the short term. However, traders should remain cautious and watch for signs of resistance or pullbacks as price approaches key levels.