The 118.3% increase in BNB addresses is the basis for these expectations
BNB price action is currently at a critical stage. In fact, it likely presents a buying opportunity before igniting a 33% rally. While technical indicators are pointing to upside opportunities, many on-chain indicators also support this claim, showing that the bulls are back in control of Binance coin.
What do technical indicators say?
Similar to many other altcoins, BNB price seems to be stuck in a range between $334 and $448. The recent bitcoin crash has affected all altcoins, leaving BNB at the bottom of the range.
With this range still holding, there is a high possibility that the price will reverse and return to the top of the range. Interestingly, both the top and bottom of the range contain a double bottom, below which is the liquidity zone.
Due to the recent drop,has bottomed in a range to gather liquidity for sell stops. However, this did not happen. Therefore, BNB is more likely to quickly reverse trend and move lower in search of liquidity before starting an uptrend.
From below, the price of likely to reach as high as $448 and collect buy stop liquidity above it. If successful, the price increases by 33%.
USDT | Source: TradingView
On-Chain Ads
The number of 1-hourly active BNB addresses increased from 673 to 1,469 in the last 48 hours, signaling strong interest from investors. While this surge may be short-lived, it shows pressure from the potential buy-side.
Therefore, the 118.3% increase in the number of active addresses is an indication that investors expect the price to rise in the medium to long term. This is fully in line with the technical outlook of the market.
Number of active addresses in 1 hour | Source: Santiment
Perhaps the most important metric that indicates a bullish bias for BNB is on-chain volume.
This indicator has grown from 1.17 billion to 2.13 billion BNB. While this rise indicates that investors need to interact with BNB, it is also a reaction to the price decline and shows bullish divergence.
This is important as price spikes usually occur after volume escalates. Adding credibility to this metric is the recent surge in on-chain volume, which has outperformed both the weekly and monthly moving averages (MAs) and is suggesting a bullish crossover between the two lines.
Overall, the on-chain indicators suggest that the BNB price will rise quickly.
Source: Santiment
This bullish scenario may be invalidated if the price closes the 6 hour candle below the $334 level. Accordingly, BNB could move lower to gather liquidity.
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The 118.3% increase in BNB addresses is the basis for these expectations
BNB price action is currently at a critical stage. In fact, it likely presents a buying opportunity before igniting a 33% rally. While technical indicators are pointing to upside opportunities, many on-chain indicators also support this claim, showing that the bulls are back in control of Binance coin.
What do technical indicators say?
Similar to many other altcoins, BNB price seems to be stuck in a range between $334 and $448. The recent bitcoin crash has affected all altcoins, leaving BNB at the bottom of the range.
With this range still holding, there is a high possibility that the price will reverse and return to the top of the range. Interestingly, both the top and bottom of the range contain a double bottom, below which is the liquidity zone.
Due to the recent drop,has bottomed in a range to gather liquidity for sell stops. However, this did not happen. Therefore, BNB is more likely to quickly reverse trend and move lower in search of liquidity before starting an uptrend.
From below, the price of likely to reach as high as $448 and collect buy stop liquidity above it. If successful, the price increases by 33%.
USDT | Source: TradingView
On-Chain Ads
The number of 1-hourly active BNB addresses increased from 673 to 1,469 in the last 48 hours, signaling strong interest from investors. While this surge may be short-lived, it shows pressure from the potential buy-side.
Therefore, the 118.3% increase in the number of active addresses is an indication that investors expect the price to rise in the medium to long term. This is fully in line with the technical outlook of the market.
Number of active addresses in 1 hour | Source: Santiment
Perhaps the most important metric that indicates a bullish bias for BNB is on-chain volume.
This indicator has grown from 1.17 billion to 2.13 billion BNB. While this rise indicates that investors need to interact with BNB, it is also a reaction to the price decline and shows bullish divergence.
This is important as price spikes usually occur after volume escalates. Adding credibility to this metric is the recent surge in on-chain volume, which has outperformed both the weekly and monthly moving averages (MAs) and is suggesting a bullish crossover between the two lines.
Overall, the on-chain indicators suggest that the BNB price will rise quickly.
Source: Santiment
This bullish scenario may be invalidated if the price closes the 6 hour candle below the $334 level. Accordingly, BNB could move lower to gather liquidity.
Join CoinCu Telegram to keep track of news:Â https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
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