Summary
- Despite large short positions by whales, BNB's price showed a slight upward trend.
- Increased activity on the BNB chain is acting as a factor offsetting the selling pressure.
- BNB's price is showing potential for a rebound around certain support and resistance levels.
It has been claimed that Binance Coin (BNB) showed a modest upward trend despite large short positions. On the 25th (local time), AMBCrypto cited AlFractal data, stating, "The short selling of whales on BNB is intensifying," but "on the other hand, the price of BNB showed a slight rise." It further evaluated, "This is because the increased activity on the BNB chain has partially offset the selling pressure."
Furthermore, it was suggested that reaching $700 for BNB is possible. AMBCrypto stated, "BNB has defended the $652 support level, laying the foundation for a rebound," and "if it breaks through the $667 resistance level, it could rise to $705." However, it added that if the $660 resistance level is broken, there is also a possibility of falling below $644.
As of 8:23 PM, BNB is trading at $662 on the Binance USDT market, down 1.81% from 24 hours ago.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
