BNB surges 5% on Binance ecosystem strength as Bitcoin extends gains
|BNB's impressive 24-hour rally showcases the growing strength of the Binance ecosystem amid broader crypto market optimism.
The token's upward momentum coincides with Bitcoin's approach toward new all-time highs and increased activity across the BNB Chain, which recently recorded over 8 million daily transactions and 2 million active wallet addresses.
Technical indicators remain bullish for BNB, with strong support established at $682 and multiple tests of this level showing sustained buyer interest despite minor resistance around $684, according to CoinDesk Research's technical analysis data model.
Technical analysis highlights
- Price action formed a clear uptrend with significant volume spikes at the 15:00 and 16:00 hours on May 21st (183K and 186K respectively).
- Strong volume support established around the $663-$670 zone.
- The asset encountered resistance near $689.35 during the 03:00 hour on May 22nd before a minor pullback.
- Support maintained at $679.08, suggesting continued bullish momentum.
- Notable volatility in the last hour with a significant price surge between 07:35-07:37, climbing from $680.85 to $683.78 (0.43% increase).
- Multiple tests of $682.00 level showing buyer interest, with resistance around $683.90.
- Volume peaked during the 07:37 period with over 7,190 units traded, confirming strength of upward movement.
- Final minutes showed consolidation around $682.28, suggesting temporary equilibrium after volatile trading.
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