- Binance Coin price had a V-shape recovery after a 20% crash in the past 48 hours.
- The digital asset remains heavily bullish in the long-term according to various metrics.
- The number of large holders of BNB continues increasing rapidly.
Binance Coin price had a 20% dive in the last 48 hours amid overall market weakness. However, the Ethereum rival has managed to recover faster than other coins and aims for new all-time highs.
Binance Coin price is only one key resistance level away from new highs
On the 4-hour chart, Binance Coin price had a massive bounce from a low of $428 and is trading at $528 at the time of writing. The digital asset needs to climb above the 50-SMA at $532 to regain short-term bullish momentum.
BNB/USD 4-hour chart
One of the strongest metrics in favor of BNB is the number of large holders which continues to rise. The number of olders with 100 to 1,000 coins and 1,000 to 10,000 coins has been in a massive uptrend since the beginning of 2021, the first group rising by almost 100%.
BNB Supply Distribution
This metric shows that large investors are extremely interested in BNB even at current prices. Additionally, the Market Value to Realized Value, MVRV (30d), shows the average profit or loss of BNB tokens moved in the last 30 days has cooled off to almost 0%.
This displays that BNB has a lot of room for more upside price action and is not at risk of another correction.
BNB MVRV ratio (30d)
Furthermore, the network activity of Binance Coin continues to explode as the number of active addresses in the last 24 hours has hit a new all-time high at 113,000 indicating that the current bullish momentum has a lot of strength behind it.
BNB Network Growth
However, on the 3-day chart, the TD Sequential indicator has just presented a sell signal, which has proven to be reliable in the past three months. The 12 EMA support has held Binance Coin price since the beginning of 2021 and will be the bearish price target at $420 if the signal is confirmed.
BNB 3-day chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin reaches new highs near $90,000, on-chain data show chances of pullback
Bitcoin hit a new all-time high of $89,900 on Tuesday before easing to around $86,000, following a 30% surge since November 5. Technical indicators suggest the rally may be overstretched, with a potential corrective pullback ahead.
GIGA investor loses $6M to phishing scam via fake Zoom link
On Monday, a Gigachad (GIGA) investor lost $6.09 million due to a phishing attack involving a fake Zoom link. Crypto investigation firm Scam Sniffer declared the scam that led the victim to a malicious site, compromising their wallet.
Tron, Avalanche and Uniswap: Double-digit gains on the cards, technical indicators show
Tron is breaking above an ascending triangle formation on Tuesday, signaling a potential rally continuation. While AVAX and UNI are retesting their crucial support level — if supported, this suggests an upside move — all three altcoins look poised for double-digit gains as the crypto rally continues.
BNB: Bullish technical pattern validated, eyes all-time high
Binance Coin trades slightly down on Tuesday after breaking above an ascending triangle formation on the weekly chart, following a 12.5% rally last week. The technical outlook suggests a bullish breakout pattern and continuation of the rally, with a target set for a new all-time high of $825.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.