🚀💰BNB achieves a new all-time high, surpassing Solana's market value🌟🚀
💰BNB's price hit an all-time high of $804.70 on Wednesday, exceeding a market value of $110 billion, making it outperform Solana. Technical forecasts indicate a continued rise, with bulls targeting the $900 level. However, the Relative Strength Index (RSI) on the daily chart indicates 87, signaling an extremely overbought condition.
🌟 Technical forecasts for BNB:
✅ Open interest: Open interest for BNB futures rose to a new annual high of $1.23 billion, representing new money entering the market and new buying.
✅ Funding rate: The funding rate turned positive and shows a significant increase, reaching 0.023% on Wednesday, indicating that long positions are paying short positions.
✅ MACD indicator: The Moving Average Convergence Divergence (MACD) indicator on the daily chart showed a bullish crossover in early July, which remains valid.
🌟*Support and resistance levels:*
✅ Weekly support: $742
✅ Resistance: The psychological level of $900
According to technical analyses, if BNB continues its upward trend, the rise may extend to test the $900 level. However, traders should be cautious due to the extremely overbought condition.
