- BNB’s price actions show the chances of a range formation near local highs.
- The 12hr chart reflected bearishness with a $342 resistance confluence
- Near-term bullishness might prevail if BNB climbs above $350 amid intensified demand.
Analysts have recently stated that Binance Coin’s support level at $315 could potentially cause it to bounce back up. However, there were negative signs in the overall market last week, which indicated that BNB might drop down to the $300 region.
Despite this, some indicators showed positive signs, although the demand causing the increase was not very strong. This suggests that BNB bulls might face rejection once again. Despite this, the question remains whether they can turn things around and make a positive move within the next two days.
BNB Nears $342 Again, With Range Formation Possibilities
Source – TradingView
The 12hr chart showed the Relative Strength Index climbed beyond the neutral level (50) on April 22. That showed momentum was in the bulls’ favor, but the indicator is yet to surge beyond 60. Meantime, the on-balance volume swayed around short-term support.
OBV’s lack of bounce despite last week’s rally from $516 showed BNB buyers were more cautious. The trading volume remained massive in mid-March, though it slightly overcame the 20 Simple Moving Average over the last few days.
The on-balance volume and limited volume showed BNB might print a range within $315 – $345 over the coming weeks. Moves beneath the previous $337 higher low (on April 19) flipped the asset’s market structure to bearish, leaving a massive FVG (fair value gap) at the $330 – $340 territory.
Further, this level had a bearish order block, indicating the chances of rejection from $340 – $350. Breakouts beyond $350 might take Binance Coin towards the resistances of $358 and $388.
Meantime, the climbing OI indicated that bullish players were storming the markets, while the funding rate started falling toward zero. Long/short starts confirmed that 53% of all positions were long, indicating a sentiment shift. Sustaining such developments might see BNB overpowering the resistance at $345.
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