BNB remains stuck in this range: What’s next?

Posted: September 29, 2023

Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the author’s opinion.

• Bullish rebounds encountered pullbacks within the mid-range value zone.
• Lack of bullish conviction within the futures market stored BNB caught in a spread. 

Binance Coin’s [BNB] short-term bullish bias evaporated rapidly, because the long-term bearish sentiment persevered. This has stored BNB’s value in perpetual sideways formation, with rallies on the decrease timeframes serving as pullbacks on larger timeframes.

How a lot are 1,10,100 BNBs value at this time?

Bullish rebound halted by promote orders at Worth Space Low (VAL)

Supply: BNB/USDT on Buying and selling View

The Seen Vary Quantity Profile (VRVP) instrument confirmed the important thing areas of curiosity for bulls and bears. The Level of Management (POC) lay at $242. Beforehand, costs ranged at this stage with the very best quantity between July and August earlier than the sharp drop in mid-August.

The VAL acted as a mid-range resistance for the present value vary. Regardless of the bullish bounce from $205 on 11 September and 25 September, patrons have failed to interrupt above the VAL resistance.

This hinted at a block of promoting orders at that value zone, stopping a bullish breakout. Consumers can anticipate a transfer above the VAL and a retest of the identical as help earlier than shopping for. Revenue ranges would lie on the vary excessive of $225.

Within the meantime, the on-chart indicators highlighted impartial sentiment out there. The RSI (Relative Energy Index) hovered on the 50-mark. Equally, the OBV (On Stability Quantity) flatlined.

However, the CMF (Chaikin Cash Movement) dropped sharply from +0.13 to the zero stage. This hinted at capital preservation strikes by market contributors.

Lengthy-term bearish bias nonetheless evident in futures market

Supply: Coinalyze

Learn Binance Coin’s [BNB] Value Prediction 2023-24

Regardless of the short-term bullish push to the mid-range VAL, speculators displayed an inclination for profit-taking at each alternative. The Open Curiosity (OI) fell swiftly by $15 million over the previous 48 hours.

This was additionally mirrored within the spot CVD dipping throughout the similar interval to focus on the waning demand for BNB.