BNB is making waves yet again, smashing its previous all-time high in just six months! In June 2024, the coin set the record at around $710, and now, it has surpassed this value and soared to a new ATH of $773.36, according to CoinMarketCap,. This shows that despite the drop in crypto rankings, it’s only a temporary setback and that BNB is still in the race.
At the time of writing, BNB was trading at $750.36, ascending by 15.17% in just one day and soaring by 33.73% in the past month. Its 24-hour trading volume has increased by 106.74%, reaching an astonishing $5.29B. Furthermore, in this current bull market, traders could expect the price to soar to a new ATH of around $900.
According to Coinglass, the BNB exchange liquidation map indicates that a larger number of investors are betting on long positions than short positions. The cumulative long liquidation leverage is $113.11M at the price of $667.9, while the short liquidation leverage is about $46.07M at $854.8.
This data aligns with the Long/Short Account Ratio Chart for BNB/USDT on the Binance exchange in the 24-hour timeframe. The chart reveals that BNB has a ratio of 2.29, with long accounts making up 69.56% and short accounts 30.44%. This ratio represents that on the Binance exchange, there are significantly more long positions, suggesting that traders on Binance are bullish on the BNB’s price.
XRP Overtakes Binance Coin (BNB): What’s Driving the Surge?BNB’s bullish trend can be further confirmed through various technical indicators. The coin’s Relative Strength Index lies around 75, which indicates overbought momentum, and the Moving Average Convergence Divergence points to a bullish trend.
The coin’s recent price movements display its resilience and investor confidence in its potential. Despite a temporary dip in the rankings, the coin’s ability to surpass the ATH in 6 months is proof of its market strength. Furthermore, the growing long positions, along with bullish technical indicators, demonstrates bullish sentiment with the hopes of the coin reaching new heights of around $900.
