• BNB held on to key support around $560, eyeing a breakout above $618 for further gains
• Social volume and sentiment underlined potential for further growth

Binance Coin [BNB] flashed strong bullish sentiment recently, catching the attention of market participants around the world. At press time, BNB was trading at $579.69, following a slight 0.23% decline on the charts. 

However, the overall market sentiment remains positive, with both the crowd and smart money leaning towards optimism. Therefore, the question arises – Can BNB maintain its bullish momentum and break through the $618 resistance to initiate a more significant rally?

Can BNB bulls maintain control?

After a significant pullback from its previous highs above $700, Binance Coin, at press time, was testing key support levels around $560. The price bounced after hitting this level, showing that the support zone is holding strong for now. 

However, for the bullish momentum to continue, BNB must break through the crucial resistance at $618.6. A successful breakout could spark a rally towards the next resistance at $679.5, bringing further attention to BNB.

Nevertheless, the altcoin must first establish clear momentum before this happens.

Social volume and dominance

BNB’s social volume and dominance flashed moderate levels – A sign of growing interest. However, they were not yet at the explosive levels that often precede price breakouts. At press time, social volume had a reading of 120, while social dominance stood at 0.578%. 

These figures underlined an uptick in discussions surrounding BNB, indicating a hike in market awareness. However, despite this hike, the coin is yet to reach a level where social media buzz could drive a massive rally.

Therefore, while social activity may be on the rise, it has not yet reached the levels required

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Author: Erastus Chami