CandleFocus

BNB Open Interest Falls $100 Million, Yet Price May Still Rise

Author: Content Editor
The price of BNB, the altcoin associated with Binance, has been facing resistance between $575 and $619 for the past seven months. Although BNB has shown some bullish signals recently, it remains uncertain if the coin can break through this barrier. Traders are closely watching to see if the momentum will hold, as a successful break could bring BNB to a four-month high. Open Interest in BNB has declined by more than $100 million, indicating that traders are closing their positions, but the positive funding rate suggests that short traders are pulling out. This could be a bullish sign for BNB, as it would mean less downward pressure on the price. The Relative Strength Index (RSI) is showing signs of an uptrend, further supporting the bullish outlook. Currently trading at $567, BNB is sitting just below the key resistance block. If it fails to breach $575, a drawdown to $550 could occur, potentially leading to further price declines.

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