HomeTechnologyBNB rejected at key value degree: Is a transfer to $200 imminent?

BNB rejected at key value degree: Is a transfer to $200 imminent?

Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion.

  • Rejection at a key value degree might result in one other vital value dip for BNB.
  • Speculators performed the quick sport with a rise in promoting positions.

Binance Coin’s [BNB] non permanent bullish rally was rejected on the $225 resistance degree to keep up the altcoin’s long-term bearish bias. With the BNB Chain experiencing dwindling community exercise, it prompt that market members might be sub-$200 costs for BNB.

Learn Binance Coin’s [BNB] Value Prediction 2023-24

In the meantime, BNB’s value motion remained in distinction to Bitcoin’s [BTC] good points over the previous three days.

Bulls can’t scale $225 roadblock on the primary try

Binance Coin BNB price chart on dark background

Supply: BNB/USDT on Buying and selling View

BNB’s rebound hasn’t kicked off because of the fixed decline of its buying and selling quantity. The On Steadiness Quantity has dipped persistently since mid-June and moved decrease in early August.

Whereas the latest pump took the Relative Energy Index above the impartial 50, the sharp drop afterward from the 60-mark pointed to unstable demand.

A glance southward highlighted the flurry of promoting stress on 17 August that flipped the important thing assist degree of $225 to resistance, establishing the bearish dominance on the upper timeframes.

Nonetheless, bulls have been in a position to curtail the bearish momentum, rallying from the close by assist degree of $205. Though the rally stemmed the promoting stress briefly, bears have been readily available to face in opposition to any additional good points.

With bears firmly in management, sellers can intention to hit the $205-$210 value degree, as a consequence of BNB’s tendency to remain in a spread after sharp value actions. Nonetheless, bulls nonetheless have the chance to reclaim the $225 assist degree and push on for extra good points, if the buying and selling quantity picks up.

Sharp drop in Open Curiosity prolonged sellers’ benefit

Supply: Coinalyze

BNB’s on-chain metrics introduced attention-grabbing actions by market speculators. Based on Coinalyze, the futures market reacted to the short-term pump on 29 August with a pointy drop within the Open Curiosity (OI).

How a lot are 1,10,100 BNBs value at this time?

This hinted at speculators actively bidding for brief positions with the anticipation of additional value decline. Equally, the Funding Fee remained largely damaging because the begin of August.

Mixed, this highlighted the sturdy bearish dominance, with additional value dips possible for CZ’s prized token.

Supply: https://ambcrypto.com/bnb-rejected-at-key-price-level-is-a-move-to-200-imminent/


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