BNB Price Sees 10% Surge After Testing $530 Level – Crucial Levels to Watch
On September 17th, Binance Coin (BNB), currently the world’s fourth-largest cryptocurrency, successfully retested its breakout level of $530 and now seems ready for a bullish push.
While most major cryptocurrencies are struggling for direction, BNB has managed to surge by more than 3.5%, hinting at a potential upcoming rally.
BNB Price Movement
At the time of writing, BNB is trading around $545, displaying a price increase of over 3.5% in the last 24 hours, according to Tradingview data.
Over the same period, its trading volume dropped by 9%, suggesting reduced trader and investor activity likely due to prevailing market sentiment.
BNB Technical Analysis and Key Levels
Expert technical analysis points to a bullish outlook for BNB as it trades above the 200 Exponential Moving Average (EMA) on a daily timeframe.
The 200 EMA is an essential technical tool employed by traders and investors to gauge an asset’s trend direction.
On September 12th, BNB pierced through a significant resistance level. Its current trajectory indicates that BNB has successfully retested this level.
Considering past price patterns, a sustained bullish sentiment could push BNB higher by 10%, potentially reaching the $600 mark in the near future.
Conversely, if the bullish trend falters and BNB slips below $527, a downside of 8% could see it drop to $475.
Trader Sentiment and Risk-Reward Ratio
Traders could consider a favorable 1:3 risk-reward ratio at present. An optimal entry point would be above $545, targeting $600 with a stop-loss at $525.
However, this trade setup would only trigger if BNB’s daily closing price surpasses the $545 level.
Further reinforcing the positive outlook are on-chain metrics, with the BNB Long/Short ratio from Coinglass currently at 1.031, indicating a bullish market sentiment.
Key Liquidation Levels
Current data points towards major liquidation thresholds around $524 on the downside and $550 on the upside, reflecting overleveraged positions at these levels according to Coinglass.
If bullish sentiment prevails and BNB climbs to $550, around $3 million in short positions could face liquidation. Alternatively, a shift in sentiment leading to a drop to $524 might trigger liquidation of approximately $5.4 million in long positions.