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- Larger timeframe downtrend
- BNB heads right into a stiff resistance zone
Binance Coin is the 4th largest cryptocurrency by market capitalization. The alternate token has seen sideways motion on the worth charts for almost 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 might see a powerful rejection, particularly if Bitcoin additionally faces issue in climbing above $20.5k.
Binance Coin runs into vendor territory
Supply: TradingView
The three-day chart (not proven right here) had a bearish market construction. The every day construction was additionally bearish for BNB, though its transfer previous $280 carried some decrease timeframe bullish impetus. General, the confluence of the bearish order block (marked in pink) and the psychological $300-resistance stage meant that BNB might face rejection and a transfer decrease on the worth charts.
Binance Coin discovered regular demand on the $261-level and in addition confronted robust sellers close to the $300-mark. Since September, these two areas have been fairly vital. On the time of writing, the RSI had climbed previous the 60-mark to point out 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 truth, the OBV has been on a downtrend from August to suggest an absence of demand.
Taken collectively, the OBV and the resistance zone recommended that BNB might retrace all its beneficial properties since mid-September.
Lowered social dominance, however will it reverse going into October?
Supply: Santiment
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 focus on 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 fee has been barely detrimental since mid-September. The earlier week noticed an almost flat funding fee because the Futures market shifted from bearish in the direction of impartial. So far as a extra short-term outlook is worried, the bulls have the bulk. Coinglass data revealed that the previous 24 hours have had a slight skew towards longs relatively than shorts.
A rejection close to the $300-mark might see BNB dip to $260 and presumably so far as $240. $277 may also act as interim assist. This bearish notion could be invalidated if a every day session can shut above $305 for Binance Coin.
