BNB’s Resilient Breakout
Binance Coin (BNB) has demonstrated significant resilience, staging a strong recovery after the recent market downturn. The price is up 11% over the past week and 45% in the last month, making it one of the best-performing major altcoins during a volatile period.
A key technical development is that BNB has broken above the upper trendline of a rising wedge, invalidating a bearish pattern and flipping short-term sentiment to bullish. This breakout becomes truly significant as BNB has entered price discovery mode, moving beyond its previous all-time high with no historical resistance above it. The next major resistance level to watch is $1,380; a decisive 12-hour close above this could open the path toward $1,430 and $1,480.
Signs Pointing to a Potential Pullback
Despite the strong price action, several on-chain and technical indicators suggest a short-term cooldown could be ahead.
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Profit-Taking is Evident: The Net Unrealized Profit/Loss (NUPL) metric has reached a local high of 0.57, a level that previously triggered pullbacks as investors moved to lock in gains. Furthermore, one of BNB’s key holder cohorts (the 6-12 month group) has significantly reduced its holdings, which can signal that mid-term conviction is waning temporarily.
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Momentum is Weakening: A bearish divergence has appeared on the Relative Strength Index (RSI). This means that while BNB’s price made a higher high between October 10 and 12, the RSI made a lower high, indicating that the underlying buying momentum is fading.
Key Levels to Watch
For traders and investors, these specific price levels are crucial for navigating the next potential moves.
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Upside Targets: A confirmed breakout above $1,380 is the key to sustaining the bullish momentum, with the next logical Fibonacci targets sitting in the $1,500–$1,550 range.
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Downside Supports: If a pullback occurs, the first significant support zone lies between $1,220 and $1,320. A deeper correction could find stronger support near $1,150 or even $1,000, which would likely be seen as a healthy dip and a potential buying opportunity.
