BNB recently witnessed a massive rally showing a record growth of over 40% following this week and almost touched $633.54 a record high since May 2022, when the entire crypto industry witnessed the fall of Terra (Luna). The current value of BNB marked a two-year high as the coin had experienced the worst bear market. One reason for this forecast is the altcoin’s liquidation levels.
Also, as per the analysis of the BNB/USD daily chart, the On Balance Volume (OBV) has jumped in recent times. Concerning the price action, this was a bullish signal. In addition, the Directional Movement Index reinforced the OBV signal.
For the moment, it might not be a great idea to open a short BNB position— especially one with high leverage. For the uninitiated, shorts are traders who bet on a price decline and intend to profit from it. BNB’s liquidation level shows that the price could rise to $565.38 soon. If the price hits this level, shorts might experience a high level of liquidation, leading to fall of altcoins market cap too.
As of now, at the time of writing this article, BNB is trading in range of $610 - $630 and has seen a price jump of 27.58% over the last week and currently stands at #4 with a market capitalization of $90.1 Billion as per data from CMC.