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Binance Coin (BNB) has been experiencing considerable fluctuations in recent trading sessions, causing market participants to take notice. Following a peak of $861.10 in late July, the price has since experienced some retracement, currently hovering near $762.69. As the market displays mixed signals, analysts propose that there is a possibility of further downward pressure before any reversal.
Investors are now closely observing whether the price will dip below the critical support level of $700, which could pave the way for a strong rebound.
The recent chart analysis suggests the formation of an ascending channel for BNB, with key resistance at approximately $808 and support near $710. Price action has recently tested the midpoint of the channel, bouncing around the $762 mark. This implies that the market is currently consolidating, preparing for either a breakout or further correction.
The descending trend indicates the potential for a retest of the lower boundary around $710 before any upward movement can be sustained. As such, there is a possibility that the price could dip towards the $700 region where strong buying pressure may emerge.
Volume analysis reveals significant trading activity with an earlier surge in volume corresponding to price increases. This pullback was met with a decrease in buying interest and resistance at approximately $765.
With current volume around $779 million, the market appears relatively balanced, but volatility remains a crucial factor to monitor. Should Binance Coin successfully maintain levels above $745, it could potentially attempt to break through the $760 resistance level. However, failure to hold onto these levels may result in further declines towards lower support zones.
The percentage price oscillator (PPO) has demonstrated a bearish crossover with the PPO line dipping below the signal line, indicating a decrease in bullish momentum. Unless the PPO reverses its course and moves back above the signal line, a deeper correction or continued sideways action appears likely.
Moreover, the relative strength index (RSI) reading of 52.62 suggests a neutral to mildly positive market, with the index recently dipping below its moving average. This signals a decrease in buying pressure, but the RSI remaining above 50 typically implies a neutral sign. If the RSI continues to hold above this threshold, it may indicate the potential for another upward move.
However, if the RSI falls below 50, it could further strengthen the bearish sentiment, reinforcing the likelihood of testing lower support levels.
As BNB wrestles with finding momentum, traders should focus on key resistance near $808 and support around $710. Any significant breach above or below these levels can have a profound impact on the direction of the market.
It is also crucial to note that if Binance Coin price dips below the critical $700 mark, this may create a foundation for a strong turnaround.
In conclusion, the market’s mixed signals are making it challenging for analysts to accurately forecast its future direction.
Source: bravenewcoin.com
