Will the Shitcoins Reach 620 as BNB Surpasses 600

Coin World reported:
BNB broke through $600, with increased trading volume, and the RSI is approaching overbought, indicating the possibility of a rebound to $620.
In the short term, the squeeze of short positions and the increase in open interest further support the upward momentum.
Binance Coin [BNB]
It has surpassed the key level of $600, attracting the attention of traders who are looking for the next potential target of $620. Now, the biggest question is whether BNB can maintain this momentum or retreat.
BNB price trend: Will $600 remain unchanged?
BNB’s recent price trend shows that it has clearly broken the downtrend and rebounded to $605.3 after testing the resistance level of $600. This level has become a key battleground for bulls and bears.
The RSI is at 70.28, indicating market overbought and caution towards possible adjustments. However, if BNB can stay above $600, it may soon test $620.
Traders are considering the level of $615.4 as the next resistance, while $546 is the key support in case of a retracement.
Increased trading volume boosts confidence
With trading volume soaring 38.29% to $1.03 billion, market interest in BNB is increasing. The increase in trading volume at key price levels is a strong indicator that more traders are entering the market.
This surge indicates that market participants support the breakthrough, which may push up the price. Therefore, as long as the trading volume remains strong, BNB seems to gain more profit.
Liquidation: Short sellers feel the heat
BNB’s liquidation data paints a clear picture – short sellers are being squeezed, with $45.98 million liquidated from shorts and $259.41 million liquidated from longs.
Therefore, this imbalance favors the bullish momentum. The squeeze of short positions is a key factor in BNB’s recent rise, and as shorts continue to be liquidated, it increases the possibility of further price increases.
Growing market confidence
BNB’s open interest has risen by 13.74% to $671.8 million, indicating increasing confidence among traders. With the rise in price, the increase in open interest suggests that new capital is flowing into the market, further supporting the current rebound.
Therefore, BNB seems to have strong support for the next round of increases. The increase in market capital reflects an optimistic attitude towards sustained bullish action in the short term.
What’s next for BNB?
With the support of increased trading volume and open interest, BNB has surged above $600, indicating that this momentum may continue.
As short sellers are being squeezed, traders show strong support, and BNB seems ready to move towards $620 in the next few days.
Read more:
Price prediction for Binance Coin [BNB]
2024-2025
However, if BNB fails to maintain its current momentum and falls below $600, we may see it quickly retreat to the support level of $546.
This would indicate a weakening of bullish strength and open the door to increased volatility, potentially bringing further downward pressure.