A recent analysis by AMBCrypto suggests that Binance Coin (BNB) could experience a price increase in June, despite currently hovering around $600. This prediction is based on several on-chain indicators.
One indicator is Social Dominance, which measures online conversation about a particular cryptocurrency. A rise in Social Dominance often foreshadows increased demand, and BNB’s current reading of 1.012% positions it among the top discussed coins within the top 100. Historically, similar spikes have been followed by price appreciation, with the potential for BNB to reach $738 within the next month if the trend holds.
The sentiment is further echoed by the derivatives market. The Long/Short ratio, which reflects investor sentiment, currently sits at 1.10 for BNB according to Coinglass. This high reading signifies a bullish market with more long positions than short positions, suggesting investor confidence that BNB might surpass $700.
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Another indicator, the Net Positions Heatmap, reveals an increase in long positions at key price points like $601, $616, and $630. These areas could act as support levels, potentially propelling the price towards $738 if buying pressure intensifies.
However, caution is advised. A decline in buying pressure could lead to sideways movement or even a drop to $565, the next support level.
