BNB's Momentum Soars: Rising RSI Signals Potential Price Surge

June 3, 2024 at 12:00 AM GST updated: June 2, 2024 at 09:56 PM 2 mins read News

BNB’s RSI indicates increased buying momentum, with the potential to push the price higher if sustained.
BNB’s Open Interest rebounded from $335 million to $418.54 million, suggesting increased liquidity and trader interest.
Despite the negative sentiment, BNB’s rapid price surge underscores heightened trading activity and potential for further gains.

Currently, BNB’s RSI on the 4-hour chart stands at 62.49, suggesting a significant increase in purchasing activity. Should this momentum persist, BNB’s price could continue its upward trajectory.

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However, if this momentum wanes, the coin might struggle to approach the $700 mark and could potentially dip below $600. Despite a recent dip, BNB’s Open Interest (OI) has experienced a notable recovery. On 30 May, OI had decreased to $335 million. Nevertheless, it soon rebounded to $418.54 million.

For BNB, the recent rise in OI points to traders injecting more liquidity, potentially bolstering the coin’s price action. As of now, BNB is priced at $607.57. This surge was facilitated by a phenomenon known in crypto circles as a “god candle”—an exceptionally rapid and substantial price increase.

Not long before this dramatic rise, BNB was valued at $593. This sudden spike underscores the heightened interest and trading activity surrounding the coin. The last comparable movement saw BNB’s price climb to $641.

Should the bullish trend be sustained and resistance levels broken, BNB could rally towards $686. Conversely, a bearish rejection of the uptrend could see prices retreat to around $585. Despite a negative weighted sentiment score of -1.156, indicating a preponderance of unfavorable comments about BNB, a continued rise in price could shift perceptions, potentially driving demand and validating bullish price predictions.

In conclusion, traders appear to be favoring long positions on BNB, anticipating further price increases. The alignment of rising OI and positive RSI readings suggests a robust buying momentum that could propel BNB’s price upward if maintained.