Binance native token, BNB, set a new high record today as it hit $957 today following a strong rally. This peak was just recorded a few hours ago with the majority of the trading activity coming from Binance exchange.
This rally initially started last week, Sept 5, after the token broke out of a sideway consolidation and then found momentum at a support turn resistance zone at $840. After that, the token pushed up, printing bullish candles for nine days straight, retraced briefly yesterday before reaching its current peak.
This rally is backed by a 11% surge in trading activity, which resulted in over a massive $2.79 billion today alone. At the time of writing, the price has dropped a bit, down to $954 but still 9.15% up.
BNB to Reach $1,000 Soon?
Upon reaching this, the next zone the market now watches for is the $1000 mark, which is a physiological zone. Analysts consider this to be the next test, because of the current momentum.
Meanwhile, a break above that level could also quickly switch the target to 1.618 Fibs extension which sits at $1,100 mark if the momentum holds strong. Moreover, the Relative Strength Index just crossed above 70, this means there’s still room for the price to push further before considering retracement.
According to data from Coinglass, BNB recorded open internet of over $1.75 billion with 24 hour future trading reaching $1.67 billion. During the same period, $1.53 million in short positions were liquidated in comparison to $33.060 in long positions. This means that the bearish bets were squeezed during the rally.
Also Read: XRP Price Bound for Potential Sell-Off Amid Bearish Pattern
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