Binance Coin price shows a short-term rejection around the supply zone’s upper layer at $594.32. A close above the said level is a must if BNB bulls want to scale to new highs. Supply distribution shows that whales holding between 100,000 to 1,000,000 BNB are accumulating. Binance Coin has seen a massive downfall after recently erecting new all-time highs. Now, BNB stands to retest this level and perhaps set up new ones shortly. Binance Coin price at critical level Binance Coin price hit a new high of $638.56 on April 12 and retraced nearly 33% since then. After finding support at $428, BNB has created two higher highs and is now on the verge of toppling a supply zone that ranges from $556.40 to $594.32. If successful, Binance Coin price will retest the local top after a 7% surge and target a leg-up to the 127.2%, 141.4% and 161.8% Fibonacci extension levels at $695.84, $725.74 and $768.69, respectively. BNB/USDT 4-hour chart Supporting the bullish narrative is the addition of two new whales holding 100,000 to 1,000,000 BNB. This 5.3% increase indicates that these investors are optimistic about BNB price performance in the near future. BNB supply distribution chart Whale transaction count is a metric that tracks transactions worth $100,000 or more. A surge in this metric serves as a proxy to high net worth individuals’ investment interest and is often followed by a spike in the market value. At the time of writing, the count of such transactions increased by 275% since April 20, painting a bullish picture for BNB. BNB whale transaction count chart While the upside scenario seems straightforward, it is dependent on the breach of the said supply zone. A potential spike in selling pressure that leads to a decisive close below $550 will invalidate the bullish thesis. Under these conditions, Binance Coin price could slide 9% toward the upper band of the demand zone at $508.96. If sellers persist, $470.20 can likely be retested as well. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next USD/CAD: Options market suggests strongest bullish bias in a month, BOC in focus FX Street 2 years Binance Coin price shows a short-term rejection around the supply zone's upper layer at $594.32. A close above the said level is a must if BNB bulls want to scale to new highs. Supply distribution shows that whales holding between 100,000 to 1,000,000 BNB are accumulating. Binance Coin has seen a massive downfall after recently erecting new all-time highs. Now, BNB stands to retest this level and perhaps set up new ones shortly. Binance Coin price at critical level Binance Coin price hit a new high of $638.56 on April 12 and retraced nearly 33% since then. After finding support… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
