BNB surges 10.45%, testing $491 resistance. Analyze net flow, liquidations, and technical indicators to gauge potential breakouts.
BNB, after surging by 10.45% in the last 24 hours, started testing the $491 resistance at press time.The cryptocurrency market has been a wild ride in recent weeks, withBinance Coin has shown exceptional resilience after going down by 32% during the wider crypto crash.
In less than 24 hours, BNB recorded an impressive surge of 10.45%, which is why it should not come as a surprise to see traders and investors showing increased interest.As of writing, BNB was testing the $491 key resistance level. This level is vital since a breakout above it could suggest further upside momentum.
The recent price action shows an accumulating bullish sentiment, but the question remains if BNB can maintain this momentum and break through resistance.The stochastic RSI is in an oversold zone, suggesting a potential bullish reversal.According to AMBCrypto’s analysis of Coinglass liquidation data, there are some significant liquidation levels visible, which shows that investors are actively positioning themselves around key price points.
This behavior normally points to a holding mentality when people transfer assets to private wallets for longer-term storage. In most instances, this kind of action is supportive of bullish sentiment, since it diminishes selling pressure on exchanges.Although the present momentum looks bullish, breaking through the $491 resistance level is crucial for confirming a long-term uptrend.
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