BNB breaks $600 – Can the altcoin reach $620 next?

• BNB breaks past $600 with rising volume and RSI nearing overbought, signaling potential for a rally to $620.
• Short squeezes and increasing open interest support further upside momentum in the near term.

Binance Coin [BNB] has surged past the crucial $600 level, drawing attention from traders eyeing its next potential target at $620. The big question now is whether BNB can maintain this momentum or pull back.

BNB’s price action: Will $600 hold?

BNB’s recent price action shows a clear break from its downward trend, bouncing to $605.3 after testing the $600 resistance. This level has become the key battleground for bulls and bears alike. 

The RSI at 70.28 indicates the market is overbought, raising caution for a possible correction. However, if BNB can hold above $600, it could test $620 soon.

Traders are watching the $615.4 level as the next area of resistance, while $546 serves as crucial support if a retracement occurs.

Source: TradingView

Volume surge fuels confidence

With a 38.29% spike in trading volume to $1.03 billion, BNB is showing increased market interest. Rising volume at a pivotal price level is a strong indicator that more traders are jumping in. 

This surge suggests that market participants are backing the breakout, which could propel prices higher. Therefore, as long as volume remains robust, BNB looks set for more gains.

Source: Coinglass

Liquidation: Shorts feeling the heat

BNB’s liquidation data paints a clear picture—short sellers are getting squeezed, with $45.98K in shorts liquidated compared to $259.41K in long liquidations. 

Consequently, this imbalance favors bullish momentum. The short squeeze is a significant contributor to BNB’s recent upward movement, reinforcing the likelihood of further price increases as shorts continue to get liquidated.

Source: Coinglass

Market confidence grows

BNB’s Open Interest jumped by 13.74% to $671.80 million, a sign of growing confidence among traders. Rising Open Interest alongside increasing prices suggests that new capital is flowing into the market, further supporting the current rally. 

Therefore, BNB seems to have strong backing for another leg up. The increasing capital in the market reflects optimism for continued bullish action in the near term.

Source: Coinglass

What’s next for BNB?

BNB’s surge past $600, backed by rising volume and increasing open interest, suggests that the momentum is likely to continue.

With short sellers being squeezed and traders showing strong support, BNB looks poised to push towards $620 in the coming days. 

Read Binance Coin’s [BNB] Price Prediction 2024–2025

However, if BNB fails to maintain its current momentum and drops below the $600 level, we could see a swift pullback toward the $546 support.

This would signal weakening bullish strength and open the door for increased volatility, potentially inviting further downside pressure.