The impressive 24 -hour BNB rally shows the growing strength of the Binance ecosystem in the middle of a broader optimism of the cryptocurrency market.
The ascending impulse of the Token coincides with the Bitcoin approach to the new maximums of all time and a greater activity in the BNB chain, which recently recorded more than 8 million daily transactions and 2 million active wallet addresses.
The technical indicators remain optimistic for BNB, with a strong support established in $ 682 and multiple tests of this level that show a sustained interest of the buyer despite the lowest resistance of around $ 684, according to the technical analysis data model of COINDESK Research.
TECHNICAL ANALYSIS
- The price action formed a clear bullish trend with significant volume peaks at 3:00 p.m. and 4:00 p.m. on May 21 (183k and 186k respectively).
- Strong Volum Support established around the $ 663- $ 670 zone.
- The asset found resistance about $ 689.35 during 03:00 hours on May 22 before a small setback.
- Support maintained at $ 679.08, which suggests a continuous bullish impulse.
- Notable volatility in the last hour with a significant price increase between 07: 35-07: 37, rising from $ 680.85 to $ 683.78 (increase of 0.43%).
- Multiple tests of the level of $ 682.00 showing interest of the buyer, with resistance around $ 683.90.
- The volume reached its maximum point during the period 07:37 with more than 7,190 negotiated units, confirming the force of the ascending movement.
- The final minutes showed consolidation around $ 682.28, which suggests a temporary balance after volatile trade.
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