BNB price has been struggling to break past a resistance block that has kept the altcoin subdued for the last seven months. The current resistance ranges from $575 to $619, and while BNB has shown bullish signals recently, it remains uncertain if the coin can breach this barrier.
A successful break could bring BNB to a four-month high, but traders are closely watching to see if the momentum will hold.
BNB Has Hopes for a Rally
Over the past few days, Open Interest (OI) in BNB has declined by more than $100 million, indicating that traders are closing their positions. Interestingly, the funding rate is still positive, which suggests that short traders are the ones pulling out.
This could be a bullish sign for BNB, as fewer short positions would mean less downward pressure on the price. A reduced number of shorts could give BNB the boost it needs to rise through the resistance.
While the drop in OI might seem like a bearish indicator at first glance, the positive funding rate points to optimism in the market. If traders continue to withdraw their short positions, BNB could have the chance to finally break past the $575 resistance level and continue its upward trajectory.
Read more: How To Buy BNB and Everything You Need To Know
The overall macro momentum for BNB is looking promising, with the Relative Strength Index (RSI) showing signs of an uptrend. This indicator is currently just above the neutral line at 50.0, indicating that bullish momentum is building. Once the RSI flips 50.0 into support, it could signal further gains for the altcoin, driving its price higher.
As long as the bullish momentum continues, BNB may have a shot at
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Author: Aaryamann Shrivastava
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