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Here are Binance Shiba Inu and XRP holdings in Latest Proof of Reserves

Albert Brown
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Here are Binance Shiba Inu and XRP holdings in Latest Proof of Reserves

The 19th proof of reserves (PoR) report from Binance reveals shifts in BTC, ETH, USDT, XRP, and Shiba Inu holdings, with asset reserves totaling $124.69 billion.

Colin Wu, a prominent crypto news reporter, highlighted on X that Binance has revealed its 19th proof of reserves, showcasing notable shifts in user assets.

As of June 1, Binance users held 582,292 BTC tokens, an increase of 534 BTC from May 1. User ETH assets reached 4.664 million, a rise of 7.02%, while USDT tokens held by customers decreased by 3.38% to 22.08 billion. 

Overall, Binance’s asset reserves total $124.69 billion, reflecting a net outflow of $1.54 billion from the previous month. This report is crucial as it confirms Binance’s commitment to holding user assets 1:1, supplemented by additional reserves.

XRP Balances and Whale Movements

The report also details the financial statistics of XRP. Customer net balances amounted to 2,900,709,887 (2.9 billion) XRP, whereas Binance net balances stood at 2,934,745,782 (2.934 billion) XRP. This figure includes 2,914 billion XRP in direct exchange balances and 20.69 million XRP in third-party custody.

The XRP ratio stands at 101.17%, indicating a surplus in one of the balance metrics. XRP, at the time of writing, is trading at $0.5242 with 0.03% 24-hour growth.

Exchanges such as Binance have noticed inflows and outflows. Whale Alert, a blockchain tracker, observed $88 million in XRP moving in and out of Coinbase and Binance yesterday. These movements are crucial to understanding the exchange’s liquidity, risk management, and asset distribution.

Binance Shiba Inu Holdings

The report also provides insights into SHIB (Shiba Inu) cryptocurrency. Customer net balances totaled 62,621,636,992,214 (62.62 trillion) SHIB, while Binance’s net balances reached 64,808,700,407,107 (64.8 trillion) tokens. This includes 64,599,147,825,381 (64.599 trillion) SHIB in direct exchange balances and 209,552,581,726 (209.55 billion) SHIB in third-party custody.

The SHIB ratio of 103.49% suggests that customer holdings slightly exceed those of Binance. SHIB is currently trading at $0.00002524, a 1.43% plummet over the last day.

Moreover, SHIB has achieved extensive support and listings on several leading centralized exchanges. Del Crxpto, a crypto analyst, earlier expressed optimism that SHIB will not remain the only ecosystem token traded on Binance.

However, despite persistent community appeals, major exchanges like Binance and Coinbase have yet to list BONE, another Shiba Inu ecosystem token.

Data Shows That Despite Struggles, XRP Ranks Among Top 5 Assets with Highest Profitability

Sam Wisdom Raphael
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0
Data Shows That Despite Struggles, XRP Ranks Among Top 5 Assets with Highest Profitability

A report from behavior analytics platform Santiment confirms that XRP ranks among the top 5 mainstream assets with highest profitability despite its price struggles.

The recent disclosure comes amid prevailing concerns around XRP’s inability to breach the $0.5 level, triggering stablecoin teases. Since it collapsed below $0.6 on April 12, XRP has failed to recover the pivotal price threshold for over two months despite occasional price upswings witnessed in the broader market.

However, XRP has retained the $0.50 support, a testament of its resilience, but investor angst has prevailed amid the dull price movements. Interestingly, the recent disclosure from Santiment confirms that most of XRP’s circulating supply is currently trading at a profit. 

Santiment’s Supply Profitability Metric

The on-chain analytics resource presented data pertaining to its “Supply in Profit” metric. For the uninitiated, this metric calculates the current value of a token and compares it to its initial value when it first appeared on the blockchain. This metric assesses if that token is currently higher (in profit) or lower (in loss) than its initial price.

Based on this metric, Bitcoin (BTC) has the highest percentage of circulating supply in profit due to it being so close to its all-time high price of $73,000 attained on March 14. For BTC, 98.3% of its circulating supply is in profit, while Ethereum (ETH) comes second, with 95.1% of supply in profit. 

Interestingly, Chainlink secures the third spot, boasting a supply profitability rate of 86.8% at its current price above $17. Meanwhile, Dogecoin has a profitability ratio of 82.2%, with its price having increased 78.7% this year. DOGE’s saving grace materialized in March, when it spiked 87.5% to breach multiple resistance points.

XRP Boasts 78% Supply Profitability 

The data further indicates that XRP comes fifth on the list, with a profitability ratio of 78.8% despite not performing as well as the other tokens on the list. Notably, at its current price of $0.5226, XRP has dropped 15% this year, making it the only cryptocurrency on this list suffering declines since January.

XRP’s high profitability ratio is possibly due to two factors. One is the fact that most of the circulating supply was released when its price was extremely low. Secondly, token releases have often coincided with low prices, and this is as a result of XRP’s persistently low value.

Notably, XRP has an inflation rate of approximately 200 million tokens a month stemming from Ripple’s escrow releases. This translates to 2.4 billion a year. If each monthly release coincides with a low XRP price, this phenomenon could keep the supply profitability up.

For instance, Ripple released 500 million XRP on May 1, when XRP traded at $0.5020. At the current price of $0.5226, these tokens are currently at a profit. In addition, XRP changed hands at $0.51 when Ripple unlocked 1 billion tokens from escrow on June 1. These tokens are now profitable at the current price. 

Team Teases Major Update as Shiba Inu Rises Above Criticism

Lele Jima
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Team Teases Major Update as Shiba Inu Rises Above Criticism

Shiba Inu’s recent X post suggests a major update could be on the horizon.

Lucie, Shiba Inu’s marketing expert, recently shared the cryptic post, which highlighted the team’s resilience and dedication in the face of criticism and negativity.

Shiba Inu Sends Message to Critics

For context, critics have recently targeted the Shiba Inu project and its team. Most critics comment on posts published by top Shiba Inu ecosystem team members, accusing them of not fulfilling their promises to investors.

In the wake of growing criticisms, Lucie sent a new message to critics, noting that “haters gonna hate.” The phrase suggests that people will always criticize something despite its successes.

Despite the ongoing criticism, Lucie stressed that the Shiba Inu project is here for the long term. She emphasized that the Shiba Inu team is not new to criticism and expects to face more in the future.

Lucie Hints at Major Update

Furthermore, she stated that the Shiba Inu team is achieving amazing things behind closed doors and will continue to push forward in the face of criticism.

This comment suggests that the team could be silently working on a major update. However, Lucie did not provide more details about the update being developed behind closed doors. She concluded the post with a famous quote from Winston Churchill, saying: 

“You will never reach your destination if you stop and throw stones at every dog that barks.” 

The quote reinforces the idea of Shiba Inu’s ability to persevere in the face of criticism. 

Importance of Driving Adoption 

As Lucie noted, the Shiba Inu ecosystem team has been ignoring criticisms, particularly those fueled by its rivals. The X post suggests that the Shiba Inu team is focused on releasing groundbreaking initiatives that could further drive the adoption of its cryptocurrency. 

Shiba Inu’s lead engineer, Shytoshi Kusama, believes that increasing adoption is key to boosting the value of SHIB. Consequently, he championed the launch of several projects dedicated to achieving this goal.

It remains to be seen whether the recent update teased by Lucie will also drive Shiba Inu’s adoption and potentially impact the price. 

Robinhood May Finally List XRP after Acquiring This XRPL-Friendly Exchange

Abdulkarim Abdulwahab
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Robinhood May Finally List XRP after Acquiring This XRPL-Friendly Exchange

Prominent figures in the XRP community have become increasingly optimistic about the possibility of XRP listing on the American exchange Robinhood, renowned for its strict listing policies.

Notably, leading U.S.-based exchanges such as Coinbase, Gemini, and Kraken support trading services for XRP, having relisted it after Ripple secured a lawsuit victory against the SEC about a year ago. Despite the ruling that XRP is not a security, Robinhood has continued to distance itself from XRP.

At present, Robinhood only supports XRP’s real-time market data. This service is available to over 50 crypto assets the exchange does not approve for trading, including BNB, Cardano (ADA), and Solana (SOL). Robinhood has maintained that it may add support for buying and selling XRP and the other 50 tokens in the future.

Robinhood Acquires Pro-XRP Exchange

Meanwhile, the XRP Army believes this day is now closer than expected amid Robinhood’s announced plan to acquire Bitstamp, a global crypto exchange that supports XRP.

According to the official notification, Robinhood’s acquisition of Bitstamp will integrate Bitstamp’s extensive crypto exchange operations into Robinhood’s platform, serving retail and institutional clients across the U.K., U.S., E.U., and Asia.

The deal is expected to be completed in the first half of 2025, pending the satisfaction of standard closing conditions and obtaining the necessary regulatory approvals.

Notably, arguments supporting XRP’s potential listing on Robinhood following this acquisition include Bitstamp’s strong support for the XRP Ledger. For instance, Bitstamp issued stablecoins for USD, EUR, JPY, GBP, AUD, and CHF on the XRP Ledger.

Vet, an XRPL dUNL Validator, highlighted this point following the acquisition news. He noted that Robinhood will inherit the necessary technical infrastructure to list tokens issued on the XRPL.

Moreover, given that Bitstamp already facilitates XRP trading, Vet suggested that Robinhood could seamlessly continue this practice.

Optimism for Listing of XRP and Ripple’s Stablecoin

Furthermore, Bitstamp holds over 50 active licenses and registrations globally, providing Robinhood with ample regulatory clearance to continue support for XRP upon acquisition.

Other community members are also optimistic about the potential XRP listing due to Ripple’s stake in Bitstamp. Pseudonymous community member XRP DROPZ argued that with the acquisition, Robinhood might even list Ripple’s forthcoming RLUSD stablecoin. 

Echoing this sentiment, the XRPL dUNL Validator emphasized that both XRP and Ripple’s stablecoin have strong chances of being listed, bolstered by Bitstamp’s support for the XRP Ledger.

Meanwhile, crypto sleuth Mr. Huber is less optimistic. Reacting to the upcoming acquisition, he suggested that Robinhood could delist XRP from Bitstamp’s platform when the deal goes through.

Shiba Inu Needs to Break This 29 Trillion Resistance to Reach $0.00006

Sam Wisdom Raphael
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0
Shiba Inu Needs to Break This 29 Trillion Resistance to Reach $0.00006

Shiba Inu has multiple sell walls on the path to $0.00006, but the last resistance posing a roadblock features a hurdle of 29 trillion tokens that SHIB needs to breach.

The market has pivoted to a recovery phase, but some altcoins have still not reclaimed their yearly highs despite Bitcoin (BTC) spiking above the $71,000 threshold. Shiba Inu is not left out on this recovery campaign, but continues to face immense resistance due to multiple sell walls on its path.

On June 5, SHIB rallied to a high of $0.00002633, breaking the pivotal $0.000025 level as it towered over the 50-day exponential moving average (EMA). This development ushered in bullish momentum in the mid-term, with Shiba Inu riding on the Bitcoin resurgence and the broader market uptrend. 

Shiba Inu’s Immediate Supply Wall

However, this $0.000026 threshold represents one of the massive sell walls standing between Shiba Inu and greater heights, per IntoTheBlock data.

Particularly, at this wall, 64,320 addresses procured 69.74 trillion SHIB tokens at an average price of $0.000026. Whenever Shiba Inu retests $0.000026, these addresses push to sell off their holdings, bolstering selling pressure.

Shiba Inu Immediate Sell Wall
Shiba Inu Immediate Sell Wall | IntoTheBlock

The ensuing selling pressure then leads to a correction, as was observed in the latest movement. Notably, SHIB has now retraced most of the gains it picked up during the recent rally, having slipped below the $0.000026 price level. Shiba Inu is now looking to hold above $0.000025 and leverage it for a second push up when the bulls return.

Shiba Inu would need to confidently close above $0.000027 to surpass this immediate sell wall. However, after this, it has to face five more supply walls on the journey to $0.00006. The largest of them in terms of wallets features 140,260 addresses holding 19 trillion SHIB between $0.00003 and $0.000036.

Shiba Inu Faces 29T Resistance at $0.00006

Beyond this point, SHIB is likely to face minimal resistance at the next two supply walls due to lower volume and lower concentration of addresses. Notably, they each hold 8.45 trillion and 3.3 trillion Shiba Inu tokens, presenting a rather negligible resistance to break. 

However, the last sell wall boasts a more substantial resistance. This roadblock is stationed at a point where 92,240 addresses bought 29.69 trillion SHIB, 5% of the circulating supply, at an average price of $0.000066. Breaking this level would allow Shiba Inu clinch a new yearly high above the $0.00006 zone. 

Shiba Inu Last Sell Wall IntoTheBlock
Shiba Inu Last Sell Wall | IntoTheBlock

Notably, it bears mentioning that these sell walls represent points at which multiple clusters of addresses hold SHIB at a loss. Combined, IntoTheBlock data suggests that 427,700 addresses are holding Shiba Inu at losses. Meanwhile, 853,520 addresses are currently in the money, positioned to act as support against price drops. 

Shiba Inu GIOM IntoTheBlock 3 100943
Shiba Inu GIOM | IntoTheBlock

The large amount of Shiba Inu addresses in profit, representing 63.43% of total holders, is due to Shiba Inu’s decisive spike beyond $0.00001 this year. Despite the turbulence, SHIB has held up well above $0.00002, with constant struggles to reclaim $0.00003. SHIB currently trades for $0.00002534, down 2.16% in the last 24 hours.

Shiba Inu Soars as 9 Wallets Amass 1.36 Trillion SHIB at $0.00002596

Abdulkarim Abdulwahab
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Shiba Inu Soars as 9 Wallets Amass 1.36 Trillion SHIB at $0.00002596

Shiba Inu spikes above the $0.000026 price territory as whales procure trillions in an apparent accumulation spree.

Specifically, SHIB registered an intraday peak of $0.00002627 after a 7% rise from the previous day’s low of $0.00002453. However, the bullish momentum was short-lived. As of now, Shiba Inu has retraced most of its gains, trading at $0.00002551.

Notably, the recent uptick in Shiba Inu’s value coincided with a broader sense of optimism in the market, fueled by Bitcoin’s resurgence into the $70K price range. At press time, Bitcoin continues to defend the $70K threshold despite bearish forces pulling it down from an earlier intraday high of $71,735.

Whales Amass 1.356T SHIB at $0.00002596

Interestingly, with the onset of this bullish momentum, prominent investors began accumulating SHIB tokens in the trillions. Crypto surveillance account Lookonchain highlighted this development in a recent update on X. 

According to the update, nine wallets, including two whales, collectively pooled $35.2 million to acquire a staggering 1.35 trillion Shiba Inu tokens.

Additionally, the update revealed that four of the investors leveraged portions of their Ethereum portfolios to acquire Shiba Inu tokens. Their entry points varied, with some purchasing SHIB as low as $0.00002557 while others entered at the peak of $0.00002620. However, the average purchase price settled at $0.00002596.

Meanwhile, Shiba Inu trading at $0.00002551 implies that the latest group of investors is currently underwater. Yet, it is conceivable that they may maintain their positions due to popular confidence in Shiba Inu’s potential for significant profits.

For instance, a savvy investor entered the Shiba Inu market on March 1, just as the asset began a bull rally that culminated in SHIB reclaiming a three-year high of $0.000045. This investor held onto their SHIB tokens for the remainder of the month before selling to realize $8.24 million in profits.

One Whale Stocked 715.9B Shiba Inu 

In a previous update, Lookonchain highlighted the activity of a prominent Shiba Inu whale who solely invested $18.44 million in SHIB. Specifically, on June 5, this whale gave up 4,849 ETH tokens to acquire 715.9 billion Shiba Inu tokens. 

According to the update, this whale is renowned for its significant investments in Shiba Inu. During the early stages, it spent approximately $400,000 to purchase 5.5 trillion SHIB. Later, at two peak points, it sold its holdings for around $121 million.

ECB Cuts Rates, Crypto Markets Brace for Potential Bitcoin Surge

Albert Brown
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0
ECB Cuts Rates, Crypto Markets Brace for Potential Bitcoin Surge

Colin Wu, a crypto news reporter, notes that the European Central Bank (ECB) has announced its first interest rate cut in five years, reducing rates by 25 basis points. 

This decision comes amidst projections of inflation at 2.5% in 2024, gradually decreasing to 1.9% by 2026. In addition, GDP growth forecasts expect GDP to rise 0.9% in 2024 and 1.6% in 2026. The move, anticipated by money markets, marks the first cut since September 2019, when the deposit facility entered negative territory.

The unanimous decision to cut rates was made by all 20 national representatives, with ECB President Christine Lagarde emphasizing the data-driven nature of their approach. She stressed that decisions would be made meeting by meeting. 

Lagarde revealed that while there was unanimous agreement on the data-driven path, one member abstained from voting. However, she did not disclose their identity. The governing council reasserted their commitment to analyze the inflation outlook, underlying inflation, and monetary policy transmission.

Bitcoin Could Ride on Possibility of Further Rate Cuts

Following the announcement, market expectations revolve around potential further rate cuts. Notably, economists predict two more cuts in the near future. This decision aligns with a broader global trend, as the Bank of Canada recently became the first major central bank to reduce interest rates this year, prompting speculations of a similar move by the ECB. 

In addition to these macroeconomic conditions in the European Union, analysts at QCP Capital suggest that today’s U.S. jobless claims report and the upcoming CPI release could potentially drive Bitcoin to new all-time highs.

QCP Capital further asserts that market momentum might intensify if potential rate cuts are factored into the equation. The sentiment echoes recent actions by central banks worldwide, underlining a collective effort to navigate economic uncertainties. This becomes notable as the ECB is expected to follow suit with a similar quarter-point rate cut.

Uphold Denies Making XRP to $10,000 Prediction

Abdulkarim Abdulwahab
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0
Uphold Denies Making XRP to $10,000 Prediction

The leading pro-XRP American exchange, Uphold, has set the record straight regarding new claims that its CEO, Simon McLoughlin, purportedly predicted XRP would reach $10,000.

This clarification came via Uphold’s official X account a few hours ago, after prominent XRP community figure Crypto Eri called attention to a report that boldly claimed McLoughlin had projected XRP to reach $10K.

While seeking clarification, Eri conveyed distrust that such speculative claims could supposedly emerge from a reputable exchange like Uphold.

In response, Uphold clarified that the claim of XRP to $10K attributed to its CEO “is categorically false.” Moreover, the exchange emphasized that its CEO neither made such prediction for any asset nor would he make any similar one in the future.

Origin of the Claim

Notably, Robert Doyle, commonly known as “Crypto Sensei,” had initially called attention to the hypothesis. Doyle repeatedly promoted the idea that XRP could hypothetically reach $10,000 in various analyses.

In one such presentation, he claimed that Uphold CEO Simon McLoughlin said, “Every country would soon use XRP.” Crypto Sensei then leveraged McLoughlin’s purported statement to imply an imminent $10,000 price point for XRP. However, throughout his video, he failed to provide a reference.

Notably, The Crypto Basic could only verify McLoughlin’s statement about the Ripple and Uphold partnership. Uphold serves as Ripple’s payout partner for treasury payments between multinational companies, explicitly servicing Ripple’s U.S., U.K., and European clients.

In this context, the Uphold CEO expressed excitement about the opportunity to witness the real utility of cryptocurrencies in action. Moreover, McLoughlin emphasized that the exchange is more interested in crypto’s utility than the speculative side.

After Doyle’s assertions, crypto journalist Scott Matherson further escalated the prediction by writing an article that also erroneously suggested McLoughlin had predicted a $10,000 target for XRP.

More Action Demanded from Uphold

Following Uphold’s refutation of these claims, Crypto Eri has called on the exchange to take further measures, including advocating for the removal of such misleading content from public platforms, especially since additional YouTubers have replicated the false narrative.

Bitcoin Just 3.5% Away from All-Time High, Analysts Weigh In

Zabi
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Bitcoin Just 3.5% Away from All-Time High, Analysts Weigh In

Bitcoin hit $71,031 on June 6, just 3.5% below its all-time high, spurring market excitement and indicating potential new peaks.

Bitcoin’s price reached $71,031 on June 6, 2024, just 3.5% shy of its all-time high. This recent surge in Bitcoin’s value is drawing attention from the market, with historical data pointing to crucial resistance levels. 

Analysts argue that the current trend suggests a potential new peak, supported by technical analysis and market sentiment.

Historical Resistance Levels

Bitcoin’s price movements have shown key resistance points at several intervals. These include mid-March, early April, late April, mid-May, and early June. The most notable resistance level appears just below $74,100. 

Surpassing this level could signal a new all-time high for Bitcoin. Historical peaks provide a roadmap of potential resistance points where Bitcoin might encounter selling pressure. If these levels are surpassed, it could indicate a robust upward trend, hinting at sustained market momentum.

The Technical Front

On the technical front, the daily chart offers a view of Bitcoin’s current technical status. The Relative Strength Index (RSI) stands at 62.83, indicating that the asset is neither overbought nor oversold but is approaching the overbought territory.

This suggests there is still some room for price appreciation, although caution is advised as it nears the overbought threshold. 

Bitcoin New110111110121011
Bitcoin Daily Chart

The Stochastic Momentum Index (SMI) shows the %K value at 47.59 and the %D value at 28.24. The %K line above the %D line signals a potential buy, with values below 50 indicating that the market is not yet in an overbought condition, although bullish momentum is building.

Market Sentiment and Predictions

The proximity to an all-time high has sparked excitement and increased trading volume, leading to potential volatility.

Michael Saylor, founder of MicroStrategy, notes that global interest in Bitcoin is at an all-time high. Robert Kiyosaki, author of “Rich Dad Poor Dad,” predicts Bitcoin will reach $350,000 by August 2024, citing U.S. leadership issues and ongoing crypto support. 

Historical data from analyst Michael Pizzino shows Bitcoin typically reaches new all-time highs within two years of its cycle lows. 

With the last cycle low in November 2022, this trend suggests a new peak may be imminent. Recent price actions, such as surpassing $66,000 in May, reinforce this outlook, indicating strong market confidence and the potential for new highs.

BNB Price Hits $715 All-time High, Beats Solana to $100B Valuation 

Mark Brennan
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BNB Price Hits $715 All-time High, Beats Solana to $100B Valuation 

BNB price broke the $700 barrier on Wednesday, June 5, 2024, to reach a new all-time high for the first time since November 2021; as bulls prepare to take profits, BNB appears at risk of a major correction phase.

BNB price Records $715 All-time High

Binance, the world’s largest cryptocurrency exchange, has been subject to extensive regulatory pressure over the past two years. While battling bans in countries like China, Nigeria, and the Philippines, Binance has also been locked in a $4.6 billion settlement lawsuit with the US authorities. 

Binance has adversely affected its entire ecosystem. Daily trading volumes on the exchange dropped, allowing Coinbase and BitGet and other competitors to encroach market share, while the growth of Binance’s native BNB chain and BNB coin also slowed. 

However, there has been a resurgence of bullish momentum within the Binance ecosystem as the prolonged case with the US SEC finally reached a conclusion. 

Binance ex-CEO Changpeng Zhao began a 4-month prison sentence in California, far more lenient than the 3-year jail term sought by prosecutors.

CZ’s sentencing effectively marks the end of a protracted legal battle, and curiously, it has triggered bullish reactions across the BNB markets. 

BNB Price Action, June 2024 | TradingView
BNB Price Action, June 2024 | TradingView

As vividly illustrates above, BNB price has increased 21% between June 1 and June 5, hitting an all-time high of $715 by June 5m before retracing 2% towards the $697 area at the time of writing on June 6.  

This landmark achievement means that BNB has now overtaken Solana (SOL) to become only the 4th crypto asset to cross the coveted $100 billion mark, behind Bitcoin, Ethereum, and USDT.

Interestingly, this close convergence between BNB’s price rally and Zhao’s prison term suggests the resolution of the case had catalyzed a considerable influx of LONG positions in the derivatives markets. 

BNB Price vs. Open Interest | Coinglass
BNB Price vs. Open Interest | Coinglass

Coinglass’ futures open interest chart above, which monitors the total capital invested speculative contracts, BNB’s open interest was $594 million as of May 31. 

Curiously, since Zhao’s prison term began, speculative traders have significantly increased their capital inflows. By June 5, BNB’s open interest had reached $1.01 billion, a substantial $405 million rise. Although BNB’s price increased by 21.28% over five days, open interest surged by 68%.

When there’s a faster rise in open interest compared to the price uptrend, strategic traders often interpret is as an early indication that the market trend is nearing its peak.

This rapid increase in open interest could mean that this week’s BNB price rally has been driven mainly by the activities of speculative traders. Hence, BNB’s open interest, which is $1.01 billion, poses a risk of significant liquidations and sharp downward movement if traders begin to take profits in the near term.

BNB Price Forecast: Bears Eyeing $650 Reverse

BNB is currently exchanging hands at an all-time high of around $700 as of June 6. However, the speculative contracts surging $400 million indicate a potential profit-taking wave could trigger a sharp near-term decline towards the $600 level.

In terms of short-term support area to monitor, the Bollinger upper-band technical indicator currently marks the $670 price level as a potential trend reversal point. 

BNB Price Forecast | TradingView
BNB Price Forecast | TradingView

But, should the profit-taking trigger widespread LONG liquidations as predicted, BNB’s price could quickly retrace to the 20-day SMA price level at $608.

Conversely, if upward momentum continues, bulls could attempt to push the rally toward the $750 level, especially if the upcoming Non-Farm Payrolls report on Friday, June 7, 2024, provides a positive outcome for risk assets. 

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