CandleFocus Binance Coin (BNB) Approaches $600, but Futures Traders Stay Skeptical
2024-09-19
Author: Content Editor
The price of Binance Coin (BNB) has risen by 3% in the past 24 hours, reaching $557.11. Demand for BNB has increased significantly this month, leading to a 14% increase in price over the last 13 days. However, futures traders are betting against a sustained price rally, with many favoring short positions. BNB's funding rate has been negative for the past three days, indicating short-term pessimism. Despite this, BNB's price has continued to rise, resulting in the liquidation of many short positions. The moving average convergence/divergence (MACD) indicator suggests that the upward momentum may continue. If buying pressure persists, BNB could rally towards the $592.30 resistance level. However, profit-taking could reverse the bullish outlook, potentially causing BNB's price to drop to find support at $466.60.
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