- BNB bulls confirmed initiative and power to halt the losses at $500 and power a restoration.
- The diminished buying and selling quantity in latest days was some extent in opposition to them.
Binance Coin [BNB] reached highs not seen since January 2022. The breakout from the $325 vary noticed BNB publish 99.5% positive factors in 31 days. At press time, the market construction on the one-day timeframe was bullish.
BNB retraced a few of its latest positive factors however bounced shortly from the psychological $500 stage. But, some indicators urged {that a} deeper retracement was potential.
The bulls had been in a rush
The retracement from $645 to $500 took 4 days to finish. This dip noticed costs retest the 50% Fibonacci retracement stage, plotted from the swing low at $356.1.
The bulls drove a restoration virtually instantly after this pullback.
Whereas costs bounded larger, the buying and selling quantity trended downward. This was seen on the OBV in addition to the buying and selling quantity bars.
It indicated that demand may not be driving this rally, and new lows had been nonetheless potential.
The RSI confirmed sturdy bullish momentum with a studying of 63. It additionally exhibited a hidden bullish divergence when the indicator made decrease lows, however the worth made larger lows.
Subsequently, BNB costs jumped larger from $500 to $579 at press time.
Will the liquidity close to $600 halt the bulls?
How a lot are 1,10,100 BNBs price right now?
The $600, $626, and $653 ranges represented liquidation ranges that costs could possibly be interested in. To the south, the $500 and $475 had been the closest pockets of liquidity for Binance Coin.
Whereas these are ranges of curiosity within the coming days, the development remained biased bullishly. If we see one other BNB dip to the golden pocket at $418-$466, it will current a shopping for alternative.
Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion.