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- BNB witnessed an expected up-channel breakdown
- The altcoin could find reliable rebounding grounds.
- Funding rates and Open Interest displayed a slight bearish edge
Since dropping towards its 16-month low in mid-June, Moneda Binance [BNB] has clawed back to reclaim the $261-baseline. The altcoin traversed within the constraints of this baseline alongside the $296-ceiling for nearly six weeks.
Iată AMBCrypto price prediction for Binance Coin [BNB] pentru 2023-24
Owing to several uncertain macroeconomic factors, BNB, like most altcoins, struggled to break into a high volatility phase over the last month. With the sellers confirming a patterned break, the coin could see a near-term decline phase before a revival.
La ora presei, BNB was trading at $282.7.
BNB saw a patterned breakdown, here’s how it could rebound
Sursa: TradingView, BNB/USDT
Since swooping to its multi-monthly lows on 18 June, BNB flipped one-eighty as the buyers recouped their forces from the lows of $197.
While the alt undertook a sideways track over the last month, the $261-$296 oscillation range has exhibited reliable rebounding tendencies. As a result, the recent reversal from its immediate ceiling evoked an evening star candlestick pattern, one that propelled an up-channel breakdown.
Moreover, during the recent up-channel gains, the coin’s volume oscillator marked lower peaks, suggesting weakness in the uptrend.
The resulting bearish outcome would expose the alt to a potential test of the $261-$268 range. To reaffirm this outcome, bears would need to sustain a position below the 20/50 EMA.
Alternatively, the price could see a bounce-back from its Point of Control (POC, red) as it offered the highest liquidity over the last few months. Any potential rebound above the 20/50 EMA could see its first major testing level at the $296 region.
To enter a long position, however, the buyers must wait for a rebound above the EMAs or the long-term baseline in the coming sessions.
Sursa: Coinglass
An analysis of the latest funding rates revealed a rather mixed sentiment. On Binance, they stood at equilibrium and did not flash a preference for either the bearish or the bullish side. Four other exchanges including Huobi and FTX revealed a negative funding rate at press time.
Furthermore, BNB Futures Open Interest revealed a total 6.84% decline over the last 24 hours. Correspondingly, the price action declined by nearly 3.81% during this time. More often than not, a decline in both price and Open Interest indicates liquidation by discouraged traders having long positions.
În cele din urmă, urmărirea mișcării Bitcoin și a sentimentului mai larg ar fi importantă pentru a completa analiza menționată mai sus.
Source: https://ambcrypto.com/binance-coin-how-bnb-buyers-can-capitalize-on-this-breakout-rally/