BNB increases 10% but $500 is not that easy to achieve

• BNB’s stock price increased 10% after the market cap returned to its previous position.
• Technical indicators are aligned in a strong upwards direction for the coin.

Last 24 hours Binance Coin [BNB] The company was able take the fourth spot per market cap back from Solana [SOL].

As of press time, this coin sold for $482. representing A 10% increase. AMBCrypto’s analysis of the coin exchange showed that its value could soon reach $500.

BNB’s press-time value was at a 2-year high, as it had been through the thick and thin of a bear market that is now ending. The altcoin’s liquidity levels are one reason for this prediction.

Liquidation Levels show price points which could trigger automatic closing of existing positions.

Shorting coins has no upside

BNB’s current liquidation level indicated that the price would likely rise to $502.76 in a short time. Shorts could experience a lot of liquidation when the price hits that level.

The indicator indicated that the wipeout can occur once the coin reaches $490.

Therefore, it might not be a good trading decision to open a short BNB position— especially one with high leverage. Uninitiated traders are shorts, who make bets on price declines and expect to profit.

Source: HyblockCapital

The chart above includes the Cumulative Liquidation Level Delta. As of the time of publication, CLLD was in a positive state. A positive reading in the CLLD could lead to a more bearish price action.

If the CLLD positive states continue to rise, BNB may experience a complete retracement once it reaches the psychological resistance of $500.

BNB up to $500 or market is wrong

The coin will bounce back if it is thrown again. next The target could be to rally around its all-time high. According to AMBCrypto’s analysis of BNB/USD’s daily chart, On Balance Volume (OBV), had increased at the time of press.

This meant that the positive volume was higher on March 7th than it was on March 6th.

In terms of price, it was a bullish indication. The Directional Movement Index, or DMI, also confirmed the OBV.

The +DMI was 33.63 at the time of press, while the -DMI was 13.29. The difference between these indicators highlighted a large buyer dominance.

The Average Directional Index, or ADX, plays a major role in the market price.

The ADX (yellow), as of this writing was 51.24. If the reading is higher than 25, it means that BNB’s direction has been strong.

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What is the cost? 1,10,100 BNBs worth today?

The +DMI was higher than the -DMI. This indicated that there would be a price increase. BNB’s value could reach $520 in a bullish scenario.

However, a decrease in buying momentum can force the price to fall. According to a bearish viewpoint, the coin may reach $430. But the market sentiment at press time might not match this prediction.