Momentum

Coin

<img width="1200" height="800" src="https://coingape.com/wp-content/uploads/2023/12/Binance-Coin-BNB-ATH-550-e1703756818248.jpeg" class="attachment-full size-full wp-post-image" alt="Binance price" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2023/12/Binance-Coin-BNB-ATH-550-e1703756818248.jpeg 1200w, https://coingape.com/wp-content/uploads/2023/12/Binance-Coin-BNB-ATH-550-e1703756818248-300x200.jpeg 300w, https://coingape.com/wp-content/uploads/2023/12/Binance-Coin-BNB-ATH-550-e1703756818248-768x512.jpeg 768w, https://coingape.com/wp-content/uploads/2023/12/Binance-Coin-BNB-ATH-550-e1703756818248-150x100.jpeg 150w, https://coingape.com/wp-content/uploads/2023/12/Binance-Coin-BNB-ATH-550-e1703756818248-272x182.jpeg 272w" sizes="(max-width: 1200px) 100vw, 1200px">
Binance Coin Price: Earlier this week, the cryptocurrency market witnessed a sudden sell-off which plunged the <a href="https://coingape.com/price/bitcoin/">Bitcoin price</a> to a low of $57500. While the retracement spread to the altcoin market as well, the BNB token of the Binance crypto exchange showcased a robust recovery evidenced by five green candles in the daily chart. This recent upswing led the BNB price from $385 to $528, registering 37%. Will this recovery extend if BTC breaks above $70000 on Monday? 
Also Read: <a href="https://coingape.com/blog/bnb-price-hits-2-year-high-why-is-binance-coin-rising/">BNB Price Hits 2-Year High. Why is Binance Coin Rising?</a> 
<h2 id="b-bnb-price-ascend-triggered-a-2-3-million-short-squeeze-b">BNB Price Ascend Triggered a $2.3 Million Short Squeeze</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/b/Bzy7kmky.png" alt="BINANCE:BNBUSDT Chart " width="1946" height="937">
 <figcaption class="wp-caption-text">
 Binance Coin Price| Tradingview
 </figcaption>
</figure> 
Amid the broader market recovery, the <a href="https://coingape.com/price/binance-coin/">Binance coin price</a> witnessed a steady parabolic growth since October 2023, when the price rebounded from $200. Over the past five months, the recovery uplifted the coin value by 162% to reach the current trading price of $529. 
<blockquote>
 A look at the daily chart shows this upswing as the formation of a traditional reversal pattern called the rounding bottom pattern. This chart pattern indicates a slow shift in sentiment from pessimism to optimism among investors, as selling pressure decreases and buying interest increases, leading to a potential long-term increase in the asset’s price.
</blockquote> 
With an intraday gain of 8.5%, the <a href="https://coingape.com/binance-reveals-investments-in-ethena-nfprompt-other-crypto-projects/">BNB price</a> gave a bullish breakout from the $507 key resistance, providing trading with suitable support to push higher. Recent data from the derivatives market, as reported by Coinglass, reveals that traders on Binance experienced the liquidation of short positions amounting to $2.3 million. 
<figure id="attachment_185089" aria-describedby="caption-attachment-185089" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-185089" src="https://coingape.com/wp-content/uploads/2024/03/image_2024-03-11_00-08-20.png" alt="BNB Total Liquidations Chart" width="1528" height="417" srcset="https://coingape.com/wp-content/uploads/2024/03/image_2024-03-11_00-08-20.png 1528w, https://coingape.com/wp-content/uploads/2024/03/image_2024-03-11_00-08-20-300x82.png 300w, https://coingape.com/wp-content/uploads/2024/03/image_2024-03-11_00-08-20-1224x334.png 1224w, https://coingape.com/wp-content/uploads/2024/03/image_2024-03-11_00-08-20-768x210.png 768w, https://coingape.com/wp-content/uploads/2024/03/image_2024-03-11_00-08-20-150x41.png 150w" sizes="(max-width: 1528px) 100vw, 1528px">
 <figcaption id="caption-attachment-185089" class="wp-caption-text">
 BNB Total Liquidations Chart| Coinglass
 </figcaption>
</figure> 
If the Binance coin price manages to sustain above $507 support, the buyers may drive a rally to $5700, followed by neckline resistance of $668. 
Yet, the recovery path won’t be linear, as this altcoin exhibits a pattern of periodic pullbacks to gather strength for its bullish momentum. 
Also Read: <a href="https://coingape.com/binance-announces-xrp-usdt-options-xrp-price-to-rally/">Just-In: Binance To Launch XRP USDT Options, XRP Price Rally Ahead?</a> 
<h2 id="strong-technical-indicator-strong">Technical Indicator:</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Bollinger Band: The ascending movement within the <a href="https://coingape.com/education/bollinger-band/">Bollinger Band</a> indicator signifies the prevailing influence of buyers on this asset.</li> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The 20-and 50-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> has been providing dynamic support to BNB prices for the past three months.</li> 
</ul> 
The post <a href="https://coingape.com/markets/bullish-builds-as-binance-coin-price-500-whats-next/">Bullish Momentum Builds as Binance Coin Price Breaks $500; What’s Next?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bullish Momentum Builds as Binance Coin Price Breaks $500; What’s Next?

Table of Contents

Coingape News Media

Other articles published on Mar 10, 2024

DeeStream (DST) Investors Double Down As Litecoin (LTC) Forgives: Ethereum (ETH) Nurses Towards $4K

The Impact of AI on Social Media Content Creation

Appeals Court overturns Binance’s lawsuit verdict

Shiba Inu Soars to Top Ten Cryptocurrencies by Market Cap

Chinese Researchers Breakthrough in Creating ‘Real AI Scientists’

Dogecoin Prospects Looking Good: Top Traders Predict $1 Price Tag

Join our free newsletter for daily crypto updates!