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BNB investors could be looking for initial profits in a few months

The price of BNB is one of the few cryptocurrencies that continues to rise despite the recent downward trend seen in the market. The Binance native token benefits from the evolving position of its holders and improving market conditions.

Binance’s BNB Native Token Could See Growth

The price of BNB could benefit from the optimism shown by its investors. Over the past week, altcoin holders on Binance have changed their stance from bearish to bullish, with the funding rate held steady for the first time since late March.

A funding rate is a periodic payment between futures traders intended to ensure that the contract price remains close to the spot price. It reflects the difference between the perpetual contract and the price of the underlying asset, affecting long and short positions.

Positive funding rates indicate that long contracts are dominating the market, while negative rates show that short contracts are taking the lead. Since the BNB funding rate is now positive, traders will likely bet on a price rise.

Open interest in BNB
Open interest in Binance Coin. Source: Quinglass

Second, BNB's correlation with the world's largest cryptocurrency, Bitcoin, is also improving. An asset's high correlation with BTC can be both a curse and a blessing, depending on market conditions.

For the world's fourth-largest crypto asset, this is a bargain as Bitcoin price approaches $70,000 and looks to secure it as a floor of support.

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BNB correlation with Bitcoin.
BNB correlation with Bitcoin. Source: Commercial view

This can also help BNB Price Continue its upward trend and perhaps even break the critical resistance at $618.

Binance Native Token Price Forecast: Breaking the Ice

For the price of BNB, $618 has been an unbreakable barrier since the beginning of April. Despite multiple violations, the altcoin was unable to secure the price level as a support floor. However, this did not stop the altcoin's upward trend, which continues today.

Can be pushed by variable winds BNB Price This time it broke the $618 barrier. This would allow the altcoin to start rising and head towards $640.

👈Read more: How to Buy Binance Coin in Four Steps?

BNB price analysis.
BNB price analysis. Source: Commercial view

But if the attempt fails again, the crypto asset is very vulnerable to losing uptrend support. Therefore, Binance Coin price could drop to $575. Missing this support would invalidate the bullish thesis and send the altcoin towards $550.

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