- BNB is currently trading at around $637.
- Daily trading volume is up by over 48%.
BNB is starting to lose a bit of strength after its recent move up and is currently drifting lower toward a key support trendline around $610. At press time, it was trading at $637.51, and there is still some room before it tests that level.
The rising trendline has been holding the structure together for a while, so how the price reacts there matters. If the buyers step in, there could be a bounce. But if it breaks below, it might open the door for a deeper pullback.
With its daily trading volume surging by over 48.71%, it has touched the $2.36 billion mark. Moreover, according to the Coinglass data, the market has experienced a liquidation event of $697.44K worth BNB.
Assuming the BNB trading pattern turns highly bearish, the price could plunge to the key support at $633.48. Further correction on the downside triggers the emergence of the death cross, which gradually sends the asset’s price down, below the $629.10.
If it reverses the price momentum, it might rise to the $641.72 resistance. Upon the bulls gaining more traction, the upside pressure intensifies, and invites the golden cross to unfold, and the BNB price may move higher, above the $645.69 range.
Are BNB Indicators Hinting at Strength or Weakness?
Both the Moving Average Convergence Divergence (MACD) and signal line are below the zero line, showing the BNB market is in a bearish phase. The price has been moving downward, with the momentum staying weak, struggling to rise, unless there is a clear shift.
In addition, the Chaikin Money Flow (CMF) indicator found at -0.15 hints at moderate selling pressure. Significantly, the capital is flowing out of the asset; sellers have a clear edge. The buying interest is weaker, which can keep the BNB price under pressure.
The Bull Bear Power (BBP) reading of 2.15 indicates solid bullish pressure, pushing the price above its average level with decent strength. It is not extreme, but there is clear upward momentum. The market is leaning higher, as long as buyers continue to hold this advantage.
BNB’s daily Relative Strength Index (RSI) at 49.40 is right around neutral, with a slight bearish lean. As there is no strong direction, the market seems to be indecisive at this level. A move above points to buyers gaining control, while slipping lower builds selling pressure.
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Source: https://thenewscrypto.com/bnb-price-alert-holding-the-line-or-heading-for-a-fall/
