BNB bears euphoric after driving prices below $265, where to next?
Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.
- A robust downtrend was in progress.
- The $285 mark might be vital on the shorter timeframes within the subsequent few days.
The U.S. Securities and Change Fee (SEC) sued Binance and its CEO Changpeng Zhao on Monday on fees of violating federal securities regulation on Monday. The crypto market took a downward flip after this information emerged.
Learn Binance Coin’s [BNB] Worth Prediction 2023-24
Bitcoin fell to $25,350 however was buying and selling at $26.4k on the time of writing. Nonetheless, the BTC market was dominated by bears. Binance Coin was no totally different and was much more strongly bearish.
The development was bearish as soon as extra after the swift drop beneath Could lows
Supply: BNB/USDT on TradingView
After the rally from $220 to $338 from December to February, the market had a bullish leaning. This turned an uptrend when BNB shaped the next low at $265 and pushed to the $346 stage in March.
This bullish construction was damaged on 8 Could when the bears blasted beneath the $315.3 assist from April. This confirmed the market favored the sellers as soon as extra. However the bears didn’t cease there. They had been capable of push costs beneath the $299.5 mark as nicely.
This highlighted the energy of the sellers available in the market. This mirrored the sentiment available in the market and the concern round Binance and its battle with the SEC. The RSI was in oversold territory with a studying of 23, and the OBV has taken a pointy hit over the previous two months.
The autumn beneath $299.5 meant a downtrend was in progress. The every day session shut beneath $265 prompt that BNB was doubtless headed towards $220. Quick sellers can search for an entry within the $285-$300 area, but it surely was unsure if this might materialize.
Imply coin age started to fall in early Could as hopes of accumulation had been dashed
Supply: Santiment
In late April the 90-day imply coin age started to expertise a pointy drop. In Could, Binance Coin exhibited a decrease timeframe vary formation between $301 and $315. Throughout this time, the imply coin age noticed a small enhance however not a steady uptrend prefer it noticed in March.
Life like or not, right here’s BNB’s market cap in BTC phrases
This signaled a scarcity of accumulation of BNB in wallets, and highlighted jittery buyers. The current transfer additionally noticed the MVRV ratio plummet. General, the vendor dominance was clear to see. This won’t relent within the coming days. A transfer again above $317 could be essential to shift the every day construction to bullish.
