- BNB may rise by 10% to achieve the $600 degree within the coming days.
- BNB Lengthy/Brief ratio at present stands at 1.031, indicating merchants bullish market sentiment.
On seventeenth September, Binance Coin [BNB] the world’s fourth-biggest cryptocurrency efficiently retested its breakout degree of $530 and is now poised for upside momentum.
Whereas main cryptocurrencies are struggling to achieve momentum, BNB has skilled a value surge of over 3.5%. This means the potential for an upcoming rally.
BNB value momentum
At press time, BNB was buying and selling close to $545 and has skilled a value surge of over 3.5% within the final 24 hours, in keeping with information from Tradingview.
Throughout the identical interval, its buying and selling quantity has declined by 9%. This means decrease participation of merchants and buyers doubtlessly as a result of present market sentiment.
BNB technical evaluation and key ranges
In line with professional technical evaluation, BNB seems bullish as it’s buying and selling above the 200 Exponential Shifting Common (EMA) on a each day timeframe.
The 200 EMA is a technical indicator that merchants and buyers use to find out whether or not an asset is in an uptrend or downtrend.
On twelfth September, BNB broke by way of a vital resistance degree. Its present momentum signifies BNB has efficiently retested that degree.
Based mostly on the historic value momentum, if this bullish momentum continues, there’s a robust risk that BNB may rise by 10% to achieve the $600 degree within the coming days.
Then again, if BNB fails to keep up this bullish sentiment and its value falls under the $527 degree, there’s a risk it may expertise an 8% decline, dropping to the $475 degree.
Merchants sentiments and excellent risk-to-reward ratio
At present, merchants can count on a really perfect 1:3 risk-to-reward ratio. An ideal shopping for entry can be above $545, with a goal of $600 and a stop-loss at $525.
Nevertheless, this commerce will solely be activated if BNB closes its each day candle above the $545 degree.
Moreover, on-chain metrics additional help this bullish outlook. BNB Lengthy/Brief ratio from Coinglass at present stands at 1.031 (a price above 1 signifies merchants bullish market sentiment).
Main liquidation ranges
As of press time, the main liquidation ranges are close to $524 on the draw back and $550 on the upside, as merchants are over-leveraged at these ranges, in keeping with Coinglass information.
Learn Binance Coin’s [BNB] Value Prediction 2024–2025
If the market sentiment for BNB stays bullish and the value rises to the $550 degree, almost $3 million value of brief positions shall be liquidated.
Conversely, if sentiment shifts and the BNB falls to the $524 degree, roughly $5.4 million value of lengthy positions shall be liquidated.