Binance Coin (BNB) futures traders are in a fierce battle between long and short positions, with a higher demand currently for long positions. However, this puts long traders at risk amid BNB's ongoing price drop.
Recent price fluctuations have tilted the funding rates towards long positions, despite BNB continuing its downtrend. The predominance of positive funding rates shows traders’ favoring long positions.
As of press time, BNB trades at $504.63, reflecting a 7% drop over the past week. Long liquidations have been significantly higher than short ones, heating the risk of further declines for long positions.
Technical indicators like the Relative Strength Index (RSI) and Elder-Ray Index show increased selling pressure. With RSI down at 38.33, it indicates a bearish market sentiment.
If bearish pressure continues, BNB could drop below $500 to around $475.90. Conversely, a shift towards bullish trends may push its price up to $522.90.
