BNB Eyes $1,000 Due to Surging Derivatives Activity: Will BNB Price Make a Comeback?

BNB price has been witnessing an extended consolidation due to overall price stagnation in the market. As Bitcoin struggles to break above $100K, several leading altcoins, including Binance Coin, are facing resistance around key psychological levels. However, BNB’s improving derivatives data and accumulation around recent dips might trigger a breakout. Traders are now becoming increasingly long on BNB as it prepares to break above $1,000.

BNB OI

BNB/USDT Chart: TradingView

The rising 20-day EMA at around $906, along with the RSI staying in positive territory at level 58, suggests a higher chance of a move to the upside. A breakout above resistance at $925 would confirm a bullish ascending triangle pattern and could send the BNB/USDT pair above the key $1,000 level.

However, if the price reverses and falls below the moving averages, it would indicate strong selling pressure near $925. In that case, BNB could slide back to the support line and potentially test the $800 support level.

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