Binance Coin (BNB) Price Prediction: BNB Bulls Break Out of Bullish Flag Pattern, Rally Incoming

Binance Coin [BNB], the world's fifth-largest cryptocurrency, has made a strong comeback by breaking out of a bullish price action pattern.

Binance Coin [BNB], the fifth-largest cryptocurrency globally, has staged a remarkable comeback with a breakout from a bullish price action pattern, mempertahankan its standing against Ripple [XRP] in the top five.

During the early Asian trading hours on Wednesday, the market caps of both altcoins came very close in valuation.

With overall bullish sentiment across the cryptocurrency landscape, BNB has begun to rally, shifting its outlook toward bullishness.

Now, positive price action, increased trader participation, and recent election results are driving BNB’s rally and will support its upcoming rally.

BNB: Key levels to watch

AMBCrypto’s technical analysis showed that BNB has broken out of a bullish flag and pole price action pattern. At the time of writing, it was heading toward its all-time high.

BNB’s bullish breakout occurred at a key resistance level of $665, which was breached during the recent price surge.

Historically, if BNB closes a daily candle above the $670 level, there is a high probability it could go on to soar by 15% to hit the $775 level in the coming days.

At press time, the asset was trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating an uptrend.

Moreover, another technical indicator, the Relative Strength Index (RSI), suggested that BNB still had a lot of headroom for further growth in the coming days.

Bullish on-chain metrics

Complementing the technical analysis, BNB’s on-chain metrics supported its bullish narrative. Recent data showed that traders were actively participating, leading to a significant increase in Open Interest (OI).

According to on-chain analytics firm Coinglass, BNB’s OI surged by 11.25% over the past four hours and 3.64% in the past hour.

This growing OI indicated heightened trader interest and the buildup of new positions during this period.

An examination of traders’ positions by AMBCrypto, as per the BNB exchange liquidation map, revealed that traders were over-leveraged at the $656.3 and $683.3 levels at press time.

Read Binance Coin’s [BNB] Price Prediction 2024–2025

Current price momentum

At the time of writing, BNB was trading around $673 and had registered a gain of over 7.5% in the past 24 hours. Its trading volume increased by 7.5% during the same period.

This indicated heightened participation from traders and investors amid the bullish outlook for altcoins.