Recent market analysis indicates that BNB is showing resilient performance and signs of further growth.
Overview of Current BNB Situation
BNB has demonstrated stability, rising by 1% in the last 24 hours, while the broader cryptocurrency market has fallen by 1%. As of the time of writing, the price of BNB is around $850, just 2% below its all-time high.
Support from Inflows
The Chaikin Money Flow (CMF) indicator has shifted from -0.09 to +0.04, indicating growing demand for BNB. Exchange flow data shows that large holders are not rushing to sell their assets, which reduces the risk of sudden price drops.
Chart Analysis: Ascending Triangle
The charts show an ascending triangle with resistance at $865. A breakout of this level could lead to rapid increases as over $80.5 million in short positions could be liquidated. The nearest price targets upon a breakout are $881 and $898.
With rising demand and positive chart signals, BNB price could reach $900 sooner than expected. However, if the price drops below $812, this could mark the end of the bullish outlook.
