BNB Price Extends Rally as Trendline Support Holds Strong
The price of Binance Coin (BNB) is showing signs of resilience as it holds onto an ascending trendline on its 1-hour chart, which has been tested nearly five times without a breakdown. This strong support level has been a reliable buying point for traders, and with each test, the price finds a way to bounce back.
According to data from CoinGlass, long liquidations have dominated shorter time windows, but the 24-hour window shows a more balanced split between longs and shorts. This could indicate that the market is anticipating a potential move higher for BNB.
The trendline support at $562.65 is currently holding strong, with the next resistance level at $593.62 followed by $603.07. If aggressive buying pairs with Bitcoin's strength, the price could potentially reach $633.15, a target explored in previous BNB coverage.