• Binance Coin (BNB) is approaching a critical resistance level on the weekly chart.
• A close above $662 could trigger a rally towards $1630.
• Technical indicators like RSI and MACD are showing bullish signals.
• The liquidation heatmap and BUSD profitability suggest strong market support.
• On-chain data reveals significant holder positions and potential pivot points.

BNB’s Weekly Chart and Resistance Levels

The weekly chart for Binance Coin (BNB) is currently showcasing a strong bullish momentum as it nears a significant resistance level. This momentum is characterized by BNB’s ability to break through multiple resistance levels, with the price settling near $662 at the time of analysis. This level is crucial, as analysts suggest that a close above it could pave the way for a substantial rally towards $1630, a target driven by both technical analysis and psychological expectations.

The consistent pattern of higher lows since early 2024 underscores a robust uptrend for BNB. This trend is further validated by a recent spike in trading volume, indicating strong buying interest at current price levels. The volume surge suggests that there is a solid support base around $529.88, which could act as a safety net for BNB’s price. If BNB manages to secure a weekly close above $662, it could confirm the bullish scenario and potentially lead to a historic price rally, marking a pivotal phase for Binance Coin in the competitive cryptocurrency market.

Technical Indicators: RSI and MACD

On the 4-hour chart, BNB is showing a positive shift in momentum, as evidenced by the Relative Strength Index (RSI) breaking above its descending trendline. This breakout indicates renewed bullish momentum, suggesting that buyers are gaining control. Alongside the RSI, the Moving Average Convergence Divergence (MACD) has also turned bullish, highlighting an increase in buying pressure. These technical indicators collectively suggest that if BNB can maintain a weekly close above the pivotal $662 level, the asset might aim for a much higher target of $1630.

This potential rise underscores a robust recovery and growing confidence among traders in the BNB market’s strength. The alignment of these technical indicators with the broader market sentiment could play a crucial role in driving BNB’s price action in the coming weeks. As traders and investors closely monitor these signals, the anticipation of a significant price movement could further fuel market activity and interest in Binance Coin.

Market Dynamics: Liquidation Heatmap and BUSD Profitability

The BNB/USDT liquidation heatmap reveals a crucial band between $600 and $647, indicating potential pivot points for market action. This heatmap shows considerable liquidation levels at lower prices, suggesting strong support near the $600 mark. If Binance Coin maintains its position above the $662 level this week, the next significant rally might propel it towards a $1630 target. Traders are closely watching these liquidation levels, as shifts in these areas could trigger further upward momentum in BNB’s price.

Additionally, on-chain data for Binance USD (BUSD) provides insights into market dynamics and profitability. The data shows that 42.91K addresses are “in the money,” representing 34.84% of holders, while 79.05K addresses, accounting for 64.19% of holders, are “out of the money.” The majority of BUSD purchases occurred in the price range of $1.00 to $1.02, totaling 68.85K addresses. These figures indicate a possible pivot if BNB closes above the $662 mark this week, potentially setting a trajectory towards the $1630 level on the weekly timeframe.

Conclusion

Binance Coin is at a critical juncture, with its weekly chart showing strong bullish momentum as it approaches a key resistance level. A close above $662 could trigger a significant rally towards $1630, supported by technical indicators like RSI and MACD, which are signaling increased buying pressure. The liquidation heatmap and BUSD profitability data suggest strong market support and potential pivot points. As traders and investors closely monitor these developments, BNB’s price action in the coming weeks could be pivotal in determining its future trajectory in the cryptocurrency market.