Binance AMZNUSDT Trades Near Upper Band as Amazon Share Target Reaches $385

Binance’s AMZNUSDT perpetual contract traded near its upper Bollinger Band Monday as the derivative stayed above its listed moving averages while momentum indicators delivered a mixed, extended signal.

The contract was priced at $263.34 at 5 a.m. ET (09:00 UTC) Oct. 12. It gained 0.17% over 24 hours and traded between $262.07 and $265.03. The upper Bollinger Band stood at $265.01, while the lower band was $242.38 and the reported %B reading was 0.9263.

AMZNUSDT remained above its seven-day, 20-day, 50-day and 200-day simple moving averages, which were $260.72, $253.70, $255.80 and $251.94, respectively.

Momentum readings were mixed. The 14-period relative strength index was 62.00, while stochastic %K and %D were 91.38 and 73.10. The MACD line and signal line both stood at 2.2331, leaving the histogram at 0.0000.

Open interest reached 75,215 contracts, or about $20.05 million in notional value, up 0.46% over 24 hours. The eight-hour funding rate was 0.0088%. Account positioning was 65.8% long and 34.2% short, while top-trader accounts were 68.1% long and 31.9% short.

Analyst targets for Amazon’s underlying Nasdaq-listed shares reached as high as $385. Tigress Financial analyst Ivan Feinseth raised his target from $315 to $385 on Oct. 6 while maintaining a Buy rating. TD Cowen analyst John Blackledge reiterated a Buy rating and a $350 target on Oct. 5.

Those targets apply to Amazon shares, not necessarily to the Binance derivative. AMZNUSDT tracks Amazon.com common stock, trades continuously, settles in USDT and supports leverage of up to 10x. It is a derivatives instrument rather than ownership of Amazon shares.

The contract’s latest move follows an earlier pullback near the upper Bollinger Band in AMZNUSDT’s previous trading update.