- BNB has entered a supply zone, which often acts as a catalyst for potential declines.
- However, several indicators suggest that BNB may navigate this challenge successfully.
As a seasoned analyst with years of experience navigating the cryptocurrency market, I find myself intrigued by Binance Coin’s [BNB] current position. While it has entered a potential supply zone, which historically could be a catalyst for declines, several factors suggest that BNB may successfully navigate this challenge.
Over the last seven days, Binance Coin (BNB) has experienced consistent expansion, marking a mild rise of 2.68%. In just the previous 24 hours, it has registered a growth of 1.14%, moving into its current position.
Despite a generally optimistic outlook among traders, BNB faces considerable challenges that might slow down or even halt its upward trend.
BNB faces obstacles on the chart
According to AMBCrypto’s analysis, the BNB token seems to be in an area of substantial resistance on the 4-hour chart, between approximately $580 and $590. This area could potentially halt any further price increase.
Generally speaking, a Freeport-Zone (FVG) usually creates conditions that put pressure on prices, potentially resulting in financial losses for investors.
Previously when BNB was trading in this range, it saw a decrease of approximately 6.02% over the course of two days, bottoming out at $551.50.
Should the market continue to decline, the price of BNB might drop down to roughly $558.90. Conversely, if a bullish trend emerges, it has the potential to climb up to around $618.60.
According to AMBCrypto, the current market activity suggests a possible uptrend could be underway.
Short traders record major losses
At present, there’s a substantial discrepancy in the number of sell-offs (liquidations), which has resulted in short traders experiencing most of the financial losses.
Currently, a greater amount of short traders ($463,050) have had to close their positions, contrasted with only $94,890 worth of long traders who needed to do the same at this point.
This imbalance suggests a bullish market, as more short positions are being closed, signaling upward price momentum for BNB.
Moreover, it’s worth noting that the Funding Rate continues to be favorable. When the Funding Rate is positive, it signifies that long traders compensate short traders, demonstrating robust purchasing interest and implying that the market anticipates additional price increases.
In simpler terms, the Aroon Indicator adds strength to the positive outlook. The Aroon Up line, which indicates the time elapsed since the most recent peak price, is currently higher than the Aroon Down line. This results in a reading of 85.71% above the 50.00% mark.
Read Binance Coin’s [BNB] Price Prediction 2024–2025
This indicates that a bullish trend is in play.
Should the current bullish trend persist, it’s probable that BNB will advance, with possible additional growth in the coming trading periods.
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2024-10-15 23:35