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Binance Coin eyes $650: Traders, watch out for these levels
Binance Coin’s (BNB) price has been on the rise, with recent trends indicating strong market participation and adoption. The surge in active addresses to a record 229 million reinforces the presence of accumulation and renewed buying interest.
At press time, the price climbed from $596.34 to $601.01, peaking at $630 before retracing back down to $596.64. A sharp uptick in open interest growth has also been observed, which could potentially drive BNB towards a target of $700 if it reaches 490,000.
While there are several levels for traders to watch out for, the present bullish trajectory could be reinforced by maintaining OI above 480,000. However, should this metric drop below 460,000, liquidation may occur, leading to a decline towards $500.
Conversely, if net inflows exceed $60 million, BNB could challenge the $650 level. On the other hand, a decline in net inflows below -$30 million might trigger selling pressure and cause the price to plummet towards $550.
It is essential for traders to monitor the performance of these critical levels to make informed decisions regarding their investments.
Source: https://ambcrypto.com/binance-coin-eyes-650-traders-watch-out-for-these-levels/
