• BNB reached its all-time high of $900.71 on August 26, and is now trading at $852.75 (-0.76% over 24 hours)
• Currently ranked fifth with a market value of $118.7 billion
• Prices are consolidating above the important support level of $840-845 after a significant rise
• Trading volume remains high, indicating continued interest from the market
Key factors for price growth
• Acceleration of institutional adoption: BNB Network listed on Nasdaq purchased $160 million worth of BNB
• The supply on exchanges has significantly decreased from 28.4% to 22.6% since July, indicating an accumulation phase
• The Maxwell upgrade has been successfully implemented, increasing total closed value by 20%
• The technical breakout was confirmed after surpassing the previous resistance at $869
Trading considerations
• Strong support has been established at the $840-845 level; this may be the right area to buy if it holds this level
• Nearby resistance at $905.75 (Fibonacci extension 127.2%)
• The MACD indicator shows positive momentum despite the recent pullback
• The Relative Strength Index (RSI) is currently neutral after entering overbought territory
• Consider gradually entering positions near support with stop-loss orders below the $820 level
Market sentiment
• Community discussions indicate that institutional demand is the main driver of the upward movement
• The recent correction is viewed as healthy accumulation and not a reversal of the trend
• The Maxwell upgrade and BNB Hackathon competition have sparked renewed excitement within the ecosystem
• Traders are monitoring the flow of coins from exchanges as an indicator of the continuation of the accumulation phase$BNB
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