BNB Open Interest Drops $100 Million, But Price Could Still Rise
BNB price has struggled to break through the resistance block that has been weighing on the altcoin for the past seven months. The current resistance range is from $575 to $619, and while BNB has recently shown bullish signals, it remains to be seen whether the coin can break through that barrier.
If it breaks through, $BNB could hit a four-month high, but traders are watching closely to see if the momentum will sustain.
In the past few days, BNB open interest has dropped by more than $100 million, indicating that traders are closing their positions. Interestingly, the funding rate is still positive, indicating that short traders are the ones who are retreating. This could be a bullish sign for BNB.
Currently, BNB is trading at $567, sitting just below a key resistance block between $575 and $619. Over the past seven months, BNB has only broken through $619 once, when it hit an all-time high (ATH) of $721. Breaking through this resistance would be a major win for the altcoin.
Given the current factors, BNB is likely to break through the $575 level, but pushing past $619 may be difficult in the short term. As short-term profit booking is expected, traders should be cautious as this level may act as a ceiling.
If BNB fails to break through $575, a drop to $550 could be on the cards. Losing this support would invalidate the bullish view and potentially lead to further price declines.
