BNB Price Poised for a 10% Rise After Retesting $530 Level
BNB price has successfully retested the breakout level of $530 and is now poised for a 10% rise in the coming days with a target of $600. The current long/short ratio of BNB is 1.031, indicating a bullish market sentiment.
At press time, BNB is trading near $545, up more than 3.5% in the past 24 hours. Despite a 9% drop in trading volume, there is still potential for a rebound. Technical analysis shows that BNB is consistently above the 200-day exponential moving average, indicating an uptrend.
If BNB can sustain the momentum, it could reach $600 in the coming days. If the price falls below $527, a drop to $475 is likely. The ideal trading strategy would be to buy above $545 with a target of $600 and a stop loss at $525.
On-chain indicators further support the bullish outlook with major liquidation levels at $524 (downside) and $550 (upside). If the price reaches $550, about $3 million of short positions may be liquidated, and vice versa.
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