- Binance Coin price shows a short-term rejection around the supply zone’s upper layer at $594.32.
- A close above the said level is a must if BNB bulls want to scale to new highs.
- Supply distribution shows that whales holding between 100,000 to 1,000,000 BNB are accumulating.
Binance Coin has seen a massive downfall after recently erecting new all-time highs. Now, BNB stands to retest this level and perhaps set up new ones shortly.
Binance Coin price at critical level
Binance Coin price hit a new high of $638.56 on April 12 and retraced nearly 33% since then. After finding support at $428, BNB has created two higher highs and is now on the verge of toppling a supply zone that ranges from $556.40 to $594.32.
If successful, Binance Coin price will retest the local top after a 7% surge and target a leg-up to the 127.2%, 141.4% and 161.8% Fibonacci extension levels at $695.84, $725.74 and $768.69, respectively.
BNB/USDT 4-hour chart
Supporting the bullish narrative is the addition of two new whales holding 100,000 to 1,000,000 BNB. This 5.3% increase indicates that these investors are optimistic about BNB price performance in the near future.
BNB supply distribution chart
Whale transaction count is a metric that tracks transactions worth $100,000 or more. A surge in this metric serves as a proxy to high net worth individuals’ investment interest and is often followed by a spike in the market value.
At the time of writing, the count of such transactions increased by 275% since April 20, painting a bullish picture for BNB.
BNB whale transaction count chart
While the upside scenario seems straightforward, it is dependent on the breach of the said supply zone. A potential spike in selling pressure that leads to a decisive close below $550 will invalidate the bullish thesis.
Under these conditions, Binance Coin price could slide 9% toward the upper band of the demand zone at $508.96.
If sellers persist, $470.20 can likely be retested as well.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto Today: Traders discuss Solana futures and Ethereum Hoodi update as Bitcoin price stalls at $83,000
Amid a 2% decrease in market capitalization, crypto trading volume surges 42% to $87.2 billion in the last 24 hours, signalling active capital rotation. Bitcoin price stagnates below $85,000 as Gold enters a record rally to $3,000 ahead of the US Fed rate decision.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH, XRP gain as MicroStrategy buys $10.7 million BTC
Bitcoin (BTC) daily price chart shows signs of recovery in the largest cryptocurrency. Strategy, one of the largest corporate holders of Bitcoin, acquired another 130 BTC last week, according to an announcement on Monday.
Top Formula 1 crypto sponsors rally, racing fans gain from Binance Coin, OKB, ApeCoin and Crypto.com
The 2025 Formula 1 season kicked off in Australia last week with a lineup of crypto sponsors for half of the teams. Racing giants are powered by sponsors like crypto exchanges Binance, OKX, ApeCoin, and Crypto.com, among other NFT and trading platforms.
SEC pumps brakes on altcoin ETFs, institutional interest remains
The US SEC postponed its decisions on several spot altcoin ETF applications this week, including those for Litecoin, XRP and Solana. A K33 Research report shows there is consensus but the agency is waiting the confirmation of Trump’s nominee for SEC Chair.
Bitcoin: BTC at risk of $75,000 reversal as Trump’s trade war overshadows US easing inflation
Bitcoin price remained constrained within a tight 8% channel between $76,000 and $84,472 this week. With conflicting market catalysts preventing prolonged directional swings, here are key factors that moved BTC prices this week, as well as key indicators to watch in the weeks ahead.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.