BNB Breaks $600: Can the Altcoin Hit $620 Next?

BNB has surged past $600 with strong trading volume and rising RSI. Traders are watching the next target of $620, while a pullback below $600 could bring the price down toward $546.

Binance Coin (BNB) has officially crossed the critical $600 level, sparking excitement among traders and investors. The recent breakout has shifted the market’s focus to the next key target: $620. However, the big question is whether BNB can maintain its upward momentum or face a retracement.

BNB Price Action: Will $600 Hold?

BNB latest price surge brings it to $605.3 after testing the $600 resistance level. This zone has now become the battleground for bulls and bears. With the Relative Strength Index (RSI) reaching 70.28, the market is hovering near overbought territory. This has raised some caution for potential corrections, but if BNB holds strong above $600, a rally towards $620 seems likely.

The next resistance level sits at $615.4, while key support can be found at $546 if BNB experiences a retracement.

Volume Surge Fuels Confidence

BNB has seen a 38.29% increase in trading volume, pushing the total to $1.03 billion. The rising volume at such a pivotal price level signals growing market interest and participation, indicating that more traders are jumping in. As long as this momentum continues, BNB is expected to maintain its upward trajectory.

Short Squeeze: Fueling the Rally

BNB’s liquidation data indicates that short sellers are feeling the pressure, with $45.98K in short liquidations compared to $259.41K in long liquidations. The imbalance in liquidation is working in favor of the bulls, as the short squeeze drives prices higher.

This short squeeze has played a significant role in pushing BNB beyond $600, and continued pressure on short positions may further propel BNB’s price toward the $620 mark.

Growing Market Confidence

Open Interest (OI) for BNB has surged by 13.74% to $671.80 million, reflecting increased confidence among traders. Rising OI alongside an upward price trend suggests that new capital is flowing into the market, adding further support to the current rally.

What’s Next for BNB?

With BNB breaking past $600, the path towards $620 seems clear, provided the market maintains its bullish momentum. Rising volume, increasing OI, and ongoing short squeezes point to a continued rally in the near term. However, should BNB fail to hold above $600, a swift pullback to the $546 support level could ensue, signaling potential volatility ahead.

Traders will be closely watching to see if BNB can overcome the resistance at $615.4 and push towards $620, or if the recent surge will lose steam and invite selling pressure.

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