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- Binance Coin may continue its upward trend and move into the $380-$400 area.
- Data from Coinalyze highlights recent selling pressure.
Binance Coin (BNB) showed a strong bullish bias on the daily price chart. It surpassed the two-month high of $325 and rose to $366.
This represents a gain of nearly 20% in two weeks.
According to an AMBCrypto report earlier this month, Binance Smart Chain has performed consistently when it comes to unique addresses in 2024. It was also reported that trading volume was high.
Combined with the Bitcoin (BTC) rally to $42.5,000, Binance Coin has shown strong bullish momentum.
The $350 area is a key area for bulls to defend.
Fibonacci retracement and extension levels (light yellow) show that the range low coincides with the 61.8% retracement level.
BNB buyers resolutely defended this level over the past two months before achieving the recent breakout.
The market structure has been strong since February 8, when the price rose above the recent low of $313.1. RSI also showed bullish momentum at 70.
At the same time, OBV showed an upward trend, supporting the buying trend. Taken together, this indicates that exchange tokens may benefit more.
The $350-$380 area was the area of higher interest. Therefore, it may take some time for the bulls to break through this area and push the price higher.
Short-term data suggests selling pressure is imminent.
Technical indicators on the 1-day chart highlighted bullish pressure. However, futures market participants were skeptical of further gains in the near term, according to data from Coinalyze.
Open interest, along with price, has been slowly trending downward over the past two days. The funding ratio was also negative, showing a high proportion of short sales.
Realistic or not, BNB’s market cap in BTC terms is:
Spot CVD has seen a notable decline over the past three days, once again reinforcing expectations of lower prices in the coming days.
This decline could see Binance Coin retest the $340 level, which served as resistance in December 2023.
Disclaimer: The information presented does not constitute financial, investment, trading or any other type of advice and is solely the opinion of the author.