Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion.
- Increased timeframe downtrend
- BNB heads right into a stiff resistance zone
Binance Coin is the 4th largest cryptocurrency by market capitalization. The change token has seen sideways motion on the worth charts for practically a month now because it shaped a variety between $260 and $300. At press time, the worth approached the psychological $300-resistance as soon as extra.
Right here’s AMBCrypto’s Worth Prediction for Binance Coin [BNB] for 2022-23
Regardless of the bullish momentum of the previous few days, nevertheless, Binance Coin may see a robust rejection, particularly if Bitcoin additionally faces problem in climbing above $20.5k.
Binance Coin runs into vendor territory
The three-day chart (not proven right here) had a bearish market construction. The day by day construction was additionally bearish for BNB, though its transfer previous $280 carried some decrease timeframe bullish impetus. Total, the confluence of the bearish order block (marked in purple) and the psychological $300-resistance degree meant that BNB may face rejection and a transfer decrease on the worth charts.
Binance Coin discovered regular demand on the $261-level and likewise confronted robust sellers close to the $300-mark. Since September, these two areas have been fairly necessary. On the time of writing, the RSI had climbed previous the 60-mark to indicate robust bullish momentum.
And but, the OBV didn’t share the same spike. This, as a result of shopping for quantity has been low. In actual fact, the OBV has been on a downtrend from August to suggest a scarcity of demand.
Taken collectively, the OBV and the resistance zone advised that BNB may retrace all its good points since mid-September.
Lowered social dominance, however will it reverse going into October?
In mid-August, the Social Dominance metric of Binance Coin touched a six-month excessive at 17.1%. Since then, the dominance metric has posted decrease highs to spotlight the declining variety of mentions the coin has seen. This might take a flip as a pointy spike north was registered a few days in the past.
The funding charge has been barely detrimental since mid-September. The earlier week noticed a virtually flat funding charge because the Futures market shifted from bearish in direction of impartial. So far as a extra short-term outlook is anxious, the bulls have the bulk. Coinglass data revealed that the previous 24 hours have had a slight skew towards longs fairly than shorts.
A rejection close to the $300-mark may see BNB dip to $260 and probably so far as $240. $277 can even act as interim assist. This bearish notion could be invalidated if a day by day session can shut above $305 for Binance Coin.