BNB Surges by 10%, Yet Achieving $500 Might Pose a Challenge

BNB Price Surges 10%

Recent findings by AMBCrypto suggest that Binance Coin (BNB) could rise to $500, but certain challenges remain.

Market Cap Regains Position

BNB’s price experienced a 10% increase, reclaiming its previous position in the market cap rankings.

Strong Technical Indicators

Technical indicators align with a robust upward direction for BNB, indicating positive market sentiment.

BNB Takes Back Fourth Position

In the last 24 hours, Binance Coin successfully reclaimed the fourth position in market cap from Solana (SOL). At press time, BNB traded at $482, reflecting a 10% increase.

AMBCrypto’s analysis predicts that the value might soon reach $500.

Two-Year High and Liquidation Levels

The current value of BNB at press time marked a two-year high, with the coin navigating the challenges of the bear market. The forecast considers the altcoin’s liquidation levels, which indicate potential triggers for automatic closure of positions.

No Upside to Shorting the Coin

BNB’s current liquidation level suggests a possible rise to $502.76. Shorts might face high liquidation if the price hits $490. Opening a short BNB position, especially with high leverage, may not be a prudent trading decision.

CLLD and Market Sentiment

The Cumulative Liquidation Level Delta (CLLD) shows a positive reading at press time, potentially fueling a bearish bias. Continued positive CLLD could lead to a full retrace for BNB once it reaches the $500 psychological resistance.

BNB’s Next Targets

If BNB rebounds, its next target could be a rally to its all-time high. The On Balance Volume (OBV) and Directional Movement Index (DMI) indicators support a bullish outlook.

+DMI (green) at 33.63 and -DMI (red) at 13.29 indicate a significant buyer dominance. With an Average Directional Index (ADX) reading of 51.24, BNB shows a strong directional movement.

Possible Price Scenarios

In a highly bullish case, BNB’s price might reach as high as $520. However, a decline in buying momentum could lead to a lower price, potentially tapping $430. It’s important to note that the press time market sentiment may not align with the bearish prediction.