As Bitcoin floats along the critical resistance mark and Ethereum accumulates, Binance’s native token “BNB” is proving its strength like never before. Over the last few weeks, BNB has gained significant momentum and shows signs of achieving a new all-time high (ATH) soon.
Moreover, with on-chain metrics turning extremely bullish, the new question is whether the BNB coin is on its way to reach the $1,000 milestone?
BNB Coin Derivatives Gains Momentum
The OI-weighted funding rate continues hovering in the positive region since mid-June, indicating an increase in the interest by the traders for long positions.
Further, the liquidation graph displays a steady clearance of short positions in the red bar, suggesting rise in a short squeeze that has. The fact that liquidations are still quite low only goes to display that the current uptrend has become quite strong and that bulls’ involvement is increasing.
At the time of writing, the BNB crypto was listed at $767.87 by breaking above its critical resistance of $750 that was a long-term resistance zone. With the next resistance level at $785 and assuming a clean breakout, it may also open the access to upper targets of $820 and $860 respectively.
Moreover, the trading volume has been rising daily, indicating soaring interest. With this, the price recorder indicates that the recent surge is a normal supply-driven rally.
The Relative Strength Index (RSI) has breached the overbought level of 70 and is at 84.39. It may mean the end of the cooling phase as there is considerable bullish momentum. At the same time, the MACD line is 26.79 and signal line at 18.52, which confirms the current presence of uptrend.
In case bulls succeed, it could result in it retesting its upper levels of $785 or $800 range. With the set of bullish technicals, the high amount of trading volume, and constant short liquidation, BNB coin price smashing the $1,000 mark is no longer a hypothetical expectation but a potential reality.
However, in case of a bearish setback, the Binance coin price may experience a pullback toward its $750 mark. A further pullback may result in it crashing toward its low of $716 in the upcoming time.
Also Read: XRP Price Jumps 81%, Crypto Expert Predicts $15 Target
