![BNB Price Analysis: BNB Bulls Take Charge as Price Hits Two-Month High](http://media.assettype.com/analyticsinsight%2F2024-05%2Fe33fee26-e175-4035-b6b2-ff352f91e5d9%2FHow_to_Transfer_Your_Crypto_Holdings_from_Bitstamp_to_Binance.jpg?w=480&auto=format%2Ccompress&fit=max)
Despite a bearish start in the last 24 hours in the BNB market, bulls managed to recover after support was established at the intra-day low of $596.29. This recovery prompted the bulls to soar the BNB price to an intra-day high of $635.41 before facing resistance. This rally reflects a two-month high with the $630 resistance being broken. This rally is attributed to the looming macro indices report anticipated to bolster the crypto market rally.
Subsequently, this rally comes after a bearish market last week, which plummeted BNB's price to a weekly low of $586. However, as of press time, BNB bulls were still in control, with the price up by 5.25% to $633.01. During the rally, BNB’s market capitalization and 24-hour trading volume soared by 5.37% and 52.76%, respectively, to $93,367,949,964 and $2,606,087,062.
Due to this recovery, BNB’s weighted sentiment has surged, reflecting the increased optimism in the market. Concurrently, the volume for BNB derivatives has increased by around 172% to $1.41B, which indicates strong trading activity and interest in its derivatives. In addition, the open interest has soared by 24% to $759M. This trend suggests that new positions are being opened and sustained, pointing to an optimistic sentiment in the BNB trend.
Adding to the bullish effect, the options market has seen an unprecedented surge. As reflected on the BNB chart, the options volume has gone up by 68% to $2.41M, while its open interest has also surged 29% to $3.47M.
Moreover, as per the data, the BNB funding rate has experienced a surge to its 3-month high of 0.0032%. This trend reflects increased investor confidence with traders willing to keep their contracts open despite having to pay higher leverage fees in hopes of substantial gains. If the bullish momentum breaches the intra-day high of $635.41, the next resistance level to watch would be $650, and the potential to rally to its all-time high of $690, which is only 8% away.
On the BNBUSD price chart, the Moving Average Convergence Divergence (MACD) suggests that the bullish momentum in the market still has a chance of continuing. This trend is evidenced by the MACD rating of 6.3 and the signal line 4.7.
Backing this momentum, the histogram is also in the positive region, a sign of increasing buying pressure. Moreover, analysts suggest that an ascending triangle is formed, which may set a bullish path towards the $780 target.
The Money Flow Index (MFI) rating of 59.30 also adds to the bullish sentiment. This MFI trend suggests that money flows in the market, which indicates that the bullish rally may be prolonged. However, If the MFI reaches overbought levels of 70+, traders may consider taking profit to maximize the potential gains.
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