You are here: Home/ News/ BNB Faces Bearish Pressure; $635 Breakout Crucial for Bullish Reversal
- BNB stays range-bound in between $600 and $455, revealing no clear pattern or strong market action.
- Expert Alan Santana keeps in mind a lower high development and weak trendline efficiency, suggesting prospective bearish momentum.
- BNB should break and sustain above $635 to counter the bearish pattern, with the present RSI and MACD revealing positive signals.
Binance Coin (BNB) has actually just recently shown sideways trading, changing in between $600 and $455 without developing a clear pattern. The everyday chart shows this debt consolidation stage, marked by unpredictable cost motions in both instructions however doing not have strong action from purchasers or sellers.
Expert Alan Santana highlighted an unpleasant advancement. BNB formed a lower high up on September 15th and stopped working to reach the coming down trendline, recommending a possible shift towards a bearish pattern. This advancement enhances the dominating unfavorable belief around cryptocurrency.
Historically, the coming down trendline has actually been a significant resistance point for BNB. Just recently, nevertheless, the rate decreased to a lower level and saw abnormally low trading volume. This scenario is worrying, as any prospective healing would experience considerable resistance from the coming down trendline. A drop listed below this level might result in a more noticable rate decrease.
Source: Alan Santana
According to Santana, BNB should plainly exceed the $635 mark and preserve that level to get away the bearish pattern. Without such a breakout, the cryptocurrency stays at danger of more bearish pressure.
BNB Eyes Key Resistance Levels
BNB is trading at $556, showing a 3.36% boost over the previous 24 hours, keeping its position above the 50 and 100-day moving averages. This recommends short-term optimism in the market. Purchasers should raise the rate above $562 to extend the continuous rally. If this happens, BNB might target $600, where sellers might provide an obstacle. An advancement at that level might press the rate towards the vital $635 mark.
Source: Trading View
The Relative Strength Index (RSI) stands at 57.29, showing neither an overbought nor oversold condition however leans somewhat bullish. This indicates consistent purchasing interest without an instant threat of turnaround, permitting space for additional development.
The Chaikin Money Flow (CMF) is favorable at 0.09, revealing more purchasing than selling, though not at a severe level. While purchasers are active, their impact stays moderate, developing a well balanced however encouraging market environment.
On a brighter note, the Moving Average Convergence Divergence (MACD) exposes more powerful upward momentum. The MACD line is well above the signal line at 5.1 and 0.5, respectively. This space signals growing bullish strength, with continued purchasing most likely to support its upward trajectory.
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