Emergency alert! BNB rises 5%, eyes $600 level
In the year August 18, 2024 Binance's token BNB has received a lot of attention from investors and traders due to a noticeable price increase in this ongoing bull market. According to coinmarketcap, BNB has seen a price increase of more than 5% in the last 24 hours.
BNB is more than BTC and ETH
With this huge price increase, Bitcoin (BTC), Ethereum (ETH) and Solana (SOL) have outperformed.
The major price increase in BNB occurred following the emergence of a consolidation zone between $498 and $525. With this breakdown, BNB has moved higher as it is moving above the 200 exponential moving average (EMA) on the daily time frame.
BNB price prediction
Based on price action and technical analysis, following this hint, there is a high probability that BNB will rise 10% to $600 in the coming days. However, this consolidation near the support level indicates bullishness.
At press time, BNB is trading near $545 and has experienced a price increase of over $5% in the last 24 hours. Meanwhile, trading volume fell by 3%, reflecting low trader participation in the cryptocurrency market.
BNB open interest
However, with this breakdown, interest among traders and investors is gradually increasing. According to on-chain analytics firm CoinGlass, BNB open interest has increased by 8% in the past 24 hours, and by 2.5% and 4.6% in the past 1 hour and 4 hours, respectively.
Amidst BNB's dramatic price increase, other top cryptocurrencies including BTC, ETH and SOL experienced price drops of 0.25%, 0.40% and 0.69% respectively in the last 24 hours.
