• Binance Coin price has formed a bull flag on the 4-hour chart.
  • The digital asset faces just one critical resistance level before a massive 25% breakout.
  • Whales have accumulated a lot of BNB lately, despite increasing prices.

Binance Coin price has been outperforming the entire market for the past two months, reaching a market capitalization of $90 billion. Many analysts believe BNB could even overtake Ethereum, which stands at a $280 billion market cap. 

Binance Coin price needs to surmount key level for massive breakout

On the 4-hour chart, BNB has established a bull flag with its resistance trend line formed at $550. Binance Coin bulls currently try to defend the lower boundary support and aim for a rebound toward the upper trend line.

A breakout above $550 will drive Binance Coin price to $680, a 25% move calculated by using the height of the flagpole. 

bnb price

BNB/USD 4-hour chart

Surprisingly, the number of whales holding between 100,000 and 1,000,000 has increased in the past month despite BNB hitting new all-time highs. Since the beginning of April, this number jumped from 37 to a peak of 40 on April 11. This indicates that large holders believe Binance Coin could rise even higher and are accumulating.

bnb price

BNB supply distribution

However, it is worth noting that a 4-hour candlestick close below the lower boundary of the pattern will invalidate the bullish outlook and could also drive Binance Coin price down by 25% toward the psychological level of $400.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Ethereum to consolidate after setting up record levels above $3,000

Ethereum price has seen an explosive rally over the past week that led to a new all-time high. However, a consolidation might follow ETH as bulls take a breather.

More Ethereum News

Ripple sets the stage for 40% advance

XRP price has retraced to a crucial support barrier at $1.42. On-chain metrics like Network Profit and loss and MVRV suggest a reset due to recent crash. A bounce from the demand zone extending from $1.33 to $1.40 could trigger a 40% bull rally.

More Ripple News

Polygon on the cusp of colossal 60% upswing

MATIC had a massive rally in the last two weeks, hitting a new all-time high at $0.94. The digital asset has been trading sideways since then and it’s on the verge of a new leg up.

More Polygon News

Enjin Coin remains range-bound despite recent sell-off

Enjin Coin price crashed 13% over the past 12 hours but found support around $2.37. On-chain metrics reveal opposing views for ENJ, hinting at a continuation of consolidation. The bullish thesis will face invalidation upon the breakdown of the demand barrier at $2.19.

More Enjin Coin News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP