BNB Price Forecast: New All-time Highs Ahead as $630 Resistance Weakens

Following CEO Changpeng Zhao, conviction in April, the regulatory spotlight surround Binance’ exchange has cooled off considerably. This puts the exchange in prime position to benefit from the expected institutional inflows and trading volume surge if the US Fed votes to cut interest rates in the coming weeks.

By paying trading fees in BNB coins, crypto traders on Binance get a 25% discount. Unsurprisingly, over the years, this vital utility factor has seen BNB price record dramatic price surges during periods of intense market activity.

Bulls Traders Have Raised Funding Rate 300%

As crypto enthusiasts anticipate a burst of activity in June 2024, this rare market phenomenon appears to be in play for BNB price action once again. Recent trends observed in the derivatives markets suggest that strategic traders are already taking bullish positions along this line.

Coinglass’ funding rate metric tracks the volume of leverage that long and short traders are applying on their active futures contract positions. An uptick in funding rates suggests that long traders are dominant, and vice versa.