Binance Coin (BNB) Price Prediction: Whale Accumulation Fuels Bullish Sentiment

Binance Coin [BNB] has seen renewed momentum over the past 48 hours.  It surged by approximately 3% after bouncing off the key trendline support.

Binance Coin (BNB) price showed renewed strength over the past 48 hours. It surged by about 3% after bouncing from a key trendline support. However, the $593 resistance held strong as the bulls tried to push the price higher.

BNB price has been consolidating for the past 10 days. After testing support at a descending trendline, BNB staged a 3% rally over the last two days.

This bullish price move up from the support showed that the bulls were still in the market, fighting to regain control.

However, $593 is a key resistance level that has been tested multiple times now.

BNB price on the 4-hour chart. Source: TradingView Whale accumulation fuels bullish sentiment

According to Hyblock data, the whale-to-retail ratio was 79 at the time of writing, indicating that the big players in the market are taking charge.

This could be a bullish sentiment as they might be accumulating to generate the necessary bullish momentum for a potential price rally.

Large holder accumulation often precedes price rallies, as it reduces the circulating supply and can build bullish pressure.

The current whale accumulation trend aligns with the recent price surge and could support further upward momentum.

Development activity data also showed consistent development activity for BNB throughout June. While not directly correlated with price, sustained development efforts usually indicate a healthy project ecosystem and can boost investor confidence.

BNB development activity. Source: Santiment Liquidation levels indicate potential volatility

AMBCrypto further analyzed liquidation levels data from Hyblock, which offered insight into potential price volatility.

There was a significant cluster of long liquidations around the $580-$590 range, which could act as a resistance level.

If BNB manages to break through this zone, it might trigger a short squeeze, accelerating the upward momentum.

However, there’s also a notable concentration of short liquidations below the current BNB price, around the $570-$575 zone.

This could repel further dips, as liquidations of these positions would involve BNB longs, potentially supporting the price.

Hyblock indicated that the total long liquidations stood at $20.16 million, while the total short liquidations were at $11.84 million.

This showed that more longs were liquidated compared to shorts, which could indicate traders’ optimism.

BNB price at the time of writing was up by about 3%, with promising momentum. Breaking the $593 resistance is crucial for confirming a bullish trend.

The strong whale accumulation and steady development activity set a strong ground for potential price surges.

The post Binance Coin (BNB) fiyatı yükselirken balina hareketleri ve likidasyon seviyeleri izleniyor appeared first on AMBCrypto.

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