BNB is expected to rise by 10% after successfully retesting the $530 support level

BNB price may see a 10% rise in the next few days, with a target of $600, after retesting the key support level of $530. The current long/short ratio is 1.031, reflecting bullish market sentiment.

As of now, BNB is trading near $545, up more than 3.5% in 24 hours. Despite a 9% decline in trading volume, the technicals still show rebound potential. BNB remains above the 200-day moving average, continuing the upward trend.

If BNB can maintain the current momentum, it is expected to hit the $600 target in the short term. However, if the price falls below $527, it may pull back to $475. Traders are advised to intervene above $545 with a target set at $600 and a stop loss set at $525.

On-chain data also supports this bullish expectation, with major liquidation levels at $524 (downside) and $550 (upside). If the BNB price breaks through $550, it may trigger a $3 million short position liquidation.

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