Posted: November 14, 2024

• BNB has gained 22% in November, fueled by a broader cryptocurrency upswing.
• Money Flow Index at 61 showed strong buying interest, with more room for gains.

Binance Coin [BNB] has been forming higher highs and higher lows on the daily timeframe since August, suggesting the potential for new all-time highs before the end of the year.

In the first week of November, BNB gained 22%, fueled by the cryptocurrency upswing following Trump’s win.

However, BNB faced a rollercoaster this week, dropping 7% to cool off at the key $606 support zone. This pullback allows traders and investors to participate before a major bull run.

Indicators show room for further BNB upside momentum

BNB was holding above a key support zone at $600 at press time, which has previously acted as a strong level for both support and resistance.

This support forms the base for potential upward movement toward the $724.7 resistance, which marks BNB’s previous peak and all-time high, about 19% above the current price.

 Additionally, the Supertrend indicator remains in bullish territory, with the price positioned above the green Supertrend line near $562, offering dynamic support in case of any pullbacks. 

The Money Flow Index at 61.70 suggests a healthy buying interest without yet reaching overbought territory, allowing room for further upward momentum.

As long as BNB maintains the $600 support level, there is potential for a rally toward the $724.7 resistance, especially if bullish sentiment continues to hold.

BNB open interest and market sentiment outlook

BNB has shown strong bullish signals since August, forming higher highs and higher lows on the daily chart. This price action, combined with rising open interest from August to the present, suggests growing market participation and confidence in the uptrend.

Although OI has steadily increased, it hasn’t yet reached the peak levels seen in June, indicating there’s still room for growth in both interest and price action.

This sentiment analysis reveals contrasting views on BNB. The crowd sentiment leans bullish, with a score of 0.71, suggesting general optimism among retail traders. 

In contrast, smart money sentiment, reflecting institutional or experienced investors, is bearish, scoring -1.95. 

This divide indicates a cautious stance from seasoned investors, possibly hinting at underlying concerns, while retail traders maintain a more optimistic outlook.

BNB transaction activity rebounds in Q4 

 In March, the transaction volume was at its highest, frequently surpassing 5 million TXs, indicating a period of heightened activity and engagement.

However, following this peak, transaction volumes gradually declined through April and May, reaching a more subdued level by the summer months.

Read Binance Coin’s [BNB] Price Prediction 2024–2025

From July onwards, transaction volume picked up again, albeit in a less dramatic fashion than in March. The recent trend from October to November shows a steady increase in transactions, often reaching around 4.5 million transactions.

This consistent growth in activity suggests renewed interest or increased usage, potentially due to market events or protocol upgrades.