BNB Investors Anticipate First Profits in Two Months Amid Market Optimism

Despite a recent bearish market, BNB price is rising, driven by investor optimism and improving market conditions. Positive funding rates and a strong correlation with Bitcoin suggest potential for growth.

BNB price is one of the few cryptocurrencies that continues to rise despite recent market bearishness. The Binance native token is benefiting from a shift in holder sentiment and improving market conditions.

BNB Could See Growth

BNB’s price could leverage the optimism its investors are exhibiting. Over the past week, BNB holders changed their stance from bearish to bullish, as the funding rate has been sustained for the first time since the end of March.

The funding rate is a periodic payment between traders in futures contracts to ensure that the contract price stays close to the spot price. It reflects the difference between the perpetual contract and the underlying asset price, influencing long and short positions. Positive funding rates hint at long contracts dominating the market, while negative rates show short contracts taking the lead. Since BNB’s funding rate is now positive, traders are likely betting on a price rise.

Secondly, BNB’s correlation with the world’s biggest cryptocurrency, Bitcoin, is also improving. A high correlation of an asset with BTC can be both a bane and a boon, depending on market conditions. For the world’s fourth biggest crypto asset, this is a boon since Bitcoin’s price is close to $70,000 and looking to secure it as a support floor.

BNB Price Prediction: Breaking the Ice-BERG

For BNB price, $618 has been an unbreakable barrier since the beginning of April. Despite multiple breaches, the altcoin could not secure the price level as a support floor. Nevertheless, this did not stop the altcoin’s uptrend, which continues today.

The changing winds could push BNB’s price through the $618 barrier this time. This would enable the altcoin to initiate a rally and head towards $640. But if the attempt fails once again, the crypto asset is highly susceptible to losing support for the uptrend. Consequently, BNB’s price could dip to $575. Losing this support would invalidate the bullish thesis and send the altcoin towards $550.

Conclusion

BNB’s potential for growth is supported by a positive funding rate and a strong correlation with Bitcoin. However, it must overcome the $618 resistance level to continue its upward trajectory. Investors remain hopeful, anticipating the first profits in two months amid improving market conditions.

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