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NewsBTC 2022-08-03 14:53:42

BNB Ready To Break Above $300? Fundamentals Support Bulls

Binance Coin (BNB) has been moving sideways around the critical level at $300 and might gather momentum for a rally. The cryptocurrency saw significant losses over the past months, but it has been able to recover faster than other altcoins. At the time of writing, BNB’s price trades at $290 with a 4% and 17% profit over the past 24 hours and 7 days, respectively. Thus, making this cryptocurrency one of the best-performing assets in the crypto top 10 by market cap only surpasses Polkadot’s (DOT) 22% profit in one week. Data from Material Indicators records an increase in buying pressure for this token on short timeframes. Retail investors and mid-size investors have been jumping into BNB’s price action as the cryptocurrency attempts to flip $300 into support. Additional data shows that ask liquidity for the BNB/USDT trading pairs has been reducing between $300 and $320 recording a high amount of sell orders. There are over $2 million in asks orders around those levels, and there is a lot of potential for price volatility. This is because the order book records liquidity gaps between higher levels. This could translate into bullish momentum if the price of BNB is able to break above those critical resistance levels. However, in order to continue the bullish trend, the price of BNB might need assistance from larger investors. BNB whales have been sitting on the sidelines for the time being with no interaction with the price...

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