- Binance Coin maintained its bullish bias.
- The shortage of sturdy promoting quantity in the course of the dip prompt that consumers remained the favorites.
Binance Coin [BNB] is predicted to proceed its stellar run of the previous few weeks. From a technical evaluation perspective, the token was buying and selling inside an space the place the consumers would have an interest because of the risk-to-reward facet.
A drop under $301 might change these expectations. The proof from the symptoms and the value motion confirmed {that a} transfer upward is extra probably. Ought to merchants look to enter lengthy positions on BNB?
The previous weekly resistance zone is predicted to push costs upward
Supply: BNB/USDT on TradingView
The 12-hour worth chart of BNB confirmed a bullish construction was current. An aggressive studying of market construction would infer {that a} fall under $307 would provoke a transfer downward. This might attain the $276-$266 assist zone.
The $301.4-$315.4 zone marked in purple is a assist zone on the one-week chart. It had served as resistance again in Could 2022. A drop under $301.4 would probably see BNB retrace to the $276.5 assist stage or decrease.
The RSI was at 61 and confirmed that bullish momentum was sturdy regardless of the latest dip. The OBV didn’t see a big drop, which meant that the promoting quantity was low when the token fell to $307.
Therefore, it’s anticipated that the consumers will drive costs greater within the coming days.
The short-term sentiment leaned bearishly
Supply: Coinalyze
AMBCrypto’s evaluation of the market sentiment primarily based on Coinalyze information confirmed that sentiment favored the sellers barely. The previous three days noticed each the costs and the Open Curiosity decline. Moreover, the spot CVD has additionally taken successful.
Learn Binance Coin’s [BNB] Worth Prediction 2023-24
A transfer to $335 and $350 could possibly be anticipated over the subsequent week or two if the OI and the spot CVD start to development greater and costs climb above $315.
The subsequent vital resistance zone is at $350-$355. This area has not been breached in practically two years.
Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the author’s opinion.