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BNB’s Price Climbing to $730 Will Depend on These Factors!
The recent surge in the price of Binance Coin (BNB) has left many investors questioning its potential for further growth. AMBCrypto has taken a closer look at some key indicators to determine whether this rally could continue.
One significant factor that may impact the future trajectory of BNB’s price is the rise in liquidity on the BNB Chain. The chain’s recent surge in TVL (Total Value Locked) and active addresses has been particularly noteworthy, indicating a growth in investor confidence. This newfound enthusiasm for the asset could potentially fuel further gains, potentially pushing the price as high as $730.
However, AMBCrypto also notes that technical indicators on the chart suggest potential headwinds for BNB’s upward momentum. The RSI (Relative Strength Index) is closing in on the buy zone above 50, while the MACD (Moving Average Convergence Divergence) has formed a golden cross pattern – both of which are typically indicative of a bullish trend.
In addition to these chart-based signs of support, open interest data from derivatives markets also suggests that traders may be shifting their expectations for BNB’s future performance. Although some short sellers have entered the market, long-to-short ratios on major exchanges like Binance and OKX indicate that buyers still hold the upper hand. This could potentially stifle selling pressure, allowing the price to break out.
It remains unclear whether these factors will ultimately align in favor of BNB investors. Nevertheless, AMBCrypto’s analysis highlights several key variables that may influence its potential for growth.
Source: https://ambcrypto.com/bnbs-price-climbing-to-730-will-depend-on-these-factors/
