- BNB could rise by 10% to reach the $600 level in the coming days.
- BNB Long/Short ratio currently stands at 1.031, indicating traders bullish market sentiment.
On 17th September, Binance Coin [BNB] the world’s fourth-biggest cryptocurrency successfully retested its breakout level of $530 and is now poised for upside momentum.
While major cryptocurrencies are struggling to gain momentum, BNB has experienced a price surge of over 3.5%. This indicates the potential for an upcoming rally.
BNB price momentum
At press time, BNB was trading near $545 and has experienced a price surge of over 3.5% in the last 24 hours, according to data from Tradingview.
During the same period, its trading volume has declined by 9%. This indicates lower participation of traders and investors potentially due to the current market sentiment.
BNB technical analysis and key levels
According to expert technical analysis, BNB appears bullish as it is trading above the 200 Exponential Moving Average (EMA) on a daily time frame.
The 200 EMA is a technical indicator that traders and investors use to determine whether an asset is in an uptrend or downtrend.
Source: TradingView
On 12th September, BNB broke through a crucial resistance level. Its current momentum indicates BNB has successfully retested that level.
Based on the historical price momentum, if this bullish momentum continues, there is a strong possibility that BNB could rise by 10% to reach the $600 level in the coming days.
On the other hand, if BNB fails to maintain this bullish sentiment and its price falls below the $527 level, there is a possibility it could experience an 8% decline, dropping to the $475 level.
Traders sentiments and ideal risk-to-reward ratio
Currently, traders can expect an ideal 1:3 risk-to-reward ratio. A perfect buying entry would be above $545, with a target of $600 and a stop-loss at $525.
However, this trade will only be activated if BNB closes its daily candle above the $545 level.
Additionally, on-chain metrics further support this bullish outlook. BNB Long/Short ratio from Coinglass currently stands at 1.031 (a value above 1 indicates traders bullish market sentiment).
Source: Coinglass
Major liquidation levels
As of press time, the major liquidation levels are near $524 on the downside and $550 on the upside, as traders are over-leveraged at these levels, according to Coinglass data.
Read Binance Coin’s [BNB] Price Prediction 2024–2025
If the market sentiment for BNB remains bullish and the price rises to the $550 level, nearly $3 million worth of short positions will be liquidated.
Conversely, if sentiment shifts and the BNB falls to the $524 level, approximately $5.4 million worth of long positions will be liquidated.
Source: Coinglass
