Nothing

Long

Coin

<p>Financial markets, whether traditional or crypto-related, thrive on investor anticipations. Binance Coin (BNB) is currently drawing all the attention of traders. Far from being discouraged by the 7% drop in the value of the crypto in a week, some investors are taking long positions, hoping to profit from a price rebound. However, the market reality is quite different. Liquidation risks are multiplying, with long positions piling up.</p>
<h2 id="h-l-envol-des-positions-longues-malgre-la-tempete">The rise of long positions despite the storm</h2>
<p>Traders are betting big on Binance Coin, as evidenced by the data on funding rates for perpetual contracts. Since August 28, 2024, positive funding rates have predominated, indicating a stronger demand for long positions. This upward trend in long positions is occurring even as BNB continues to lose value. <a href="https://www.cointribune.com/en/crypto-markets/bnb-bnb-en/" target="_blank" rel="noopener noreferrer nofollow">The price of BNB, currently set around $501.87</a>, has been steadily declining.</p>
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<p>Indeed, market data reveals that long liquidations have outpaced short positions. Last Wednesday, <a href="https://beincrypto.com/long-traders-bet-big-on-binance-coin/?utm_source=coingecko&amp;utm_content=coingecko&amp;utm_campaign=coingecko&amp;utm_medium=coingecko&amp;utm_term=coingecko" target="_blank" rel="noopener noreferrer nofollow">long liquidations reached $1.04 million, while short liquidations were less than $250,000</a>.</p>
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<h2 id="technical-indicators-in-the-red">Technical indicators in the red</h2>
<p>Technical indicators leave little room for optimism. The Relative Strength Index (RSI) of BNB is currently down, with a position at 38.33. This momentum indicator shows that investors prefer to sell their tokens rather than bet on an imminent rise. Additionally, the Elder-Ray Index, which measures the respective strength of buyers and sellers, has been negative since August 27, 2024. This means that sellers now control the market.</p>
<p>If the bearish pressure continues, long traders could lose even more. However, some optimistic data suggest a potential rebound towards $522.90. But for now, that’s just a hypothesis. Nothing is really very certain with cryptos.</p>
<p>Long traders continue to take significant risks on Binance Coin. Between declining technical indicators and massive liquidations, caution seems to be the watchword for investors. We may hope that the next BNB burning, similar to<a href="https://www.cointribune.com/en/binance-burns-971-million-in-bnb-the-crypto-explodes/" target="_blank" rel="noopener noreferrer nofollow"> the destruction of 1,643,698.8 BNB tokens, worth about $971 million</a> in July, will allow the crypto to soar again.</p>

Crypto: The BNB Plunges, But Traders Continue To Bet Big.

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