BNB Faces Bearish Pressure; $635 Breakout Crucial for Bullish Reversal
- BNB rmins rng-bound btwn $600 nd $455, showing no clr trnd or strong mrkt ction.
- Anlyst Aln Sntn nots lowr high formtion nd wk trndlin prformnc, indicting potntil brish momntum.
- BNB must brk nd sustin bov $635 to countr th brish trnd, with th currnt RSI nd MACD showing optimistic signls.
Binnc Coin (BNB) hs rcntly xhibitd sidwys trding, fluctuting btwn $600 nd $455 without stblishing clr trnd. Th dily chrt rflcts this consolidtion phs, mrkd by voltil pric movmnts in both dirctions but lcking strong ction from buyrs or sllrs.
Anlyst Aln Sntn highlightd troubling dvlopmnt. BNB formd lowr high on Sptmbr 15th nd fild to rch th dscnding trndlin, suggsting possibl shift towrd brish trnd. This dvlopmnt rinforcs th prviling ngtiv sntimnt round cryptocurrncy.
Historiclly, th dscnding trndlin hs bn mjor rsistnc point for BNB. Rcntly, howvr, th pric dclind to lowr lvl nd sw unusully low trding volum. This sitution is concrning, s ny potntil rcovry would ncountr significnt rsistnc from th dscnding trndlin. A drop blow this lvl could ld to mor pronouncd pric dclin.
According to Sntn, BNB must clrly surpss th $635 mrk nd mintin tht lvl to scp th brish trnd. Without such brkout, th cryptocurrncy rmins t risk of furthr brish prssur.
BNB Eyes Key Resistance Levels
BNB is trding at $556, rflcting 3.36% incrs ovr th pst 24 hours, mintining its position bov th 50 nd 100-dy moving vrgs. This suggsts short-trm optimism in th mrkt. Buyrs must lift th pric bov $562 to xtnd th ongoing rlly. If this occurs, BNB could trgt $600, whr sllrs my prsnt chllng. A brkthrough t tht lvl could push th pric towrd th criticl $635 mrk.
Th Rltiv Strngth Indx (RSI) stnds t 57.29, indicting nithr n ovrbought nor ovrsold condition but lns slightly bullish. This points to stdy buying intrst without n immdit risk of rvrsl, llowing room for furthr growth.
Th Chikin Mony Flow (CMF) is positiv t 0.09, showing mor buying thn slling, though not t n xtrm lvl. Whil buyrs r ctiv, thir influnc rmins modrt, crting blncd but supportiv mrkt tmosphr.
On brightr not, th Moving Avrg Convrgnc Divrgnc (MACD) rvls strongr upwrd momntum. Th MACD lin is wll bov th signl lin t 5.1 nd 0.5, rspctivly. This gp signls growing bullish strngth, with continud buying likly to support its upwrd trjctory.
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Text source: TronWeekly
