• The asset is currently trading within a bullish framework that could propel it beyond its previous ATH if the trend materializes.
• On-chain metrics reveal strong buying interest among market participants, further reinforcing the asset’s bullish outlook.

Over the past 24 hours, bullish momentum has lifted  Binance Coin’s [BNB] price by 5.21% from the previous day’s close. This recovery follows a 3.46% decline earlier in the week that had weighed on its performance.

An analysis by AMBCrypto suggests that the asset retains significant potential for further gains, supported by robust market sentiment.

Bullish structure targets a new high

BNB is currently trading within a bullish symmetrical triangle pattern which is an accumulation phase dominated by buying. This pattern is characterized by price fluctuations between converging support and resistance levels.

If this trend holds, BNB is to revisit its previous all-time high of $793.86, with the possibility of approaching the $800 region. However, the asset will encounter a significant resistance zone at $705.06, which could temporarily stall its upward momentum.

In the past 24 hours, a notable price spike has led BNB closer to breaking out of the pattern, contributing to a 5.25% increase in market capitalization to $99.59 billion. Trading volume has also surged by 29.39%, reaching $1.6 billion.

Shorts record losses as long contracts surge

Coinglass liquidation data reveals a market bias toward rising prices, with more short contracts being liquidated than long positions.

Out of the $1.03 million in total liquidations, $578,680 worth of short contracts have been forcibly closed, compared to $447,480 in long contracts over the past 24 hours.