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▲ BNB, Bull Market/AI Generated Image
BNB has risen above $598 for four consecutive trading days, now on the verge of breaking the $602.69 resistance level. Derivative indicators and technical trends simultaneously point to bullish sentiment, fueling expectations for further price increases.
According to FXStreet on August 5 (local time), BNB traded at $598, continuing its upward trend for four consecutive trading days. Surpassing the 50-day Exponential Moving Average (EMA) of $583.8 and the Fibonacci 23.6% retracement level of $586.45, this range has established itself as a short-term demand zone.
In the derivatives market, buying dominance has also become evident. CoinGlass reported that the BNB long/short ratio reached 1.14, its highest level in over a month. A ratio above 1 indicates that more traders are betting on price increases than on declines.
Open interest has increased since July 30, reaching 1.64 million BNB. The trend of rising open interest alongside price increases is interpreted as a signal of new long positions entering the market. The funding rate also turned positive on July 12 and recorded 0.0059% on Tuesday, supporting the bullish sentiment.
Technical indicators also bolstered the buying momentum. The Relative Strength Index (RSI) recorded around 62, a bullish zone, and the Moving Average Convergence Divergence (MACD) showed further gains in the positive territory. The first resistance level is the 100-day Exponential Moving Average at $602.69. If this price is breached, the Fibonacci 38.2% retracement level of $616.89 and the Fibonacci 50% retracement level of $641.5 are suggested as the next targets.
The strong overhead resistance is the 200-day Exponential Moving Average at $648.76. Conversely, if the upward momentum falters, the Fibonacci 23.6% retracement level of $586.45 and the 50-day Exponential Moving Average of $583.8 will act as the first lines of defense. If this range also breaks, $544.41 will serve as the next support level.
[Article Key Summary]
-BNB surpassed $598, rising for 4 consecutive trading days, and approached the $602.69 resistance level.
-The long/short ratio was 1.14, open interest was 1.64 million BNB, and the funding rate recorded 0.0059%.
-If $602.69 is broken, $616.89 and $641.5 are suggested as the next upside targets.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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