BNB Struggles to Break Resi
2024-10-08

BNB Struggles to Break Resistance

The price of BNB has been struggling to overcome a resistance block that has kept the altcoin subdued for the past seven months. The current resistance range is between $575 and $619, and although BNB has shown bullish signs recently, it's still uncertain whether the coin can break through this barrier.

A successful breakout could push BNB to a four-month high, but traders are closely monitoring to see if the momentum will hold.

BNB Holds Hope for a Rally

In recent days, Open Interest (OI) in BNB has dropped by over $100 million, indicating that traders are closing their positions. Interestingly, the funding rate remains positive, suggesting that short sellers are the ones pulling back.

This could be a bullish sign for BNB, as fewer short positions would mean less downward pressure on the price. A reduced number of shorts could give BNB the boost it needs to break through resistance.

While the drop in OI might initially seem bearish, the positive funding rate points to market optimism. If traders continue to unwind their short positions, BNB may finally surpass the $575 resistance level and continue its upward trajectory.

