The crypto world was shaken by events centered around Binance exchange in late 2023, leading to the resignation of its CEO, known as the face of the company and perhaps the cryptocurrency industry. Following this, BNB Coin continued to rise, maintaining market confidence. However, the recent ETF decision has raised questions about BNB’s current status.
Analysis of Binance Coin’s (BNB) funding rate suggests a potential upcoming surge, drawing parallels with past trends. After the Spot Bitcoin ETF decision, BNB’s price dropped from $334 to $291, a 6.14% decrease over seven days, but still showed a stronger stance compared to other altcoins, many of which experienced double-digit declines.
Santiment data reveals funding rates are at the lowest negative region, indicating potential upward momentum due to short sellers not finding enough market support. Historical price performance of BNB shows similar patterns, with a notable rise from $243 to $305 within a week in December 2023.
The liquidation heat map by HyblockCapital highlights a significant liquidation zone between $320 and $325, suggesting caution for long position traders. Conversely, traders targeting lower price regions might aim for the $290 area for potential price movements.
The 4-hour BNB chart shows bears maintaining a strong presence, but a potential Bitcoin-driven bullish move could push the price to retest the $300 support level. If the price surpasses this, it might head towards the next resistance at $309.5. The Relative Strength Index (RSI) is at a low, indicating seller strength, with BNB’s RSI at 31.99 and the price at $291.9 at the time of writing.
