The crypto market opened the day with a modest loss, with the overall sentiment shifted to neutral. As a result, all major tokens have been charted in red, in the bearish zone. The largest asset, Bitcoin (BTC), is currently hovering at around $92K, while the largest altcoin, Ethereum (ETH), is trading near $3.2K.
Particularly, BNB, the native token of Binance, has posted a drop of 0.15% in the last 24 hours. The asset’s lowest and highest trading range falls between $892.92 and $921.55 after a series of ups and downs. If the mighty bulls entered the BNB market, the price could see more upside trajectory.
BNB is currently trading at around the $910.98 mark, with its market cap at $125.44 billion. Moreover, the daily trading volume has surged by over 22.96%, reaching $2.56 billion. As per the Coinglass data, the market has experienced an event of $1.93 million worth of BNB liquidated over this time span.
What is Next for BNB’s Price Action?
The Moving Average Convergence Divergence line of BNB sits slightly below the signal line, showing short-term bearish momentum. The market may face a minor pullback rather than a strong downtrend. If the MACD moves back upside, it renews the bullish trend, and if it stays below, further downside may follow.
In addition, the Chaikin Money Flow (CMF) indicator resting at 0.12 likely implies a positive capital inflow into the asset. The buying pressure is currently stronger than the selling pressure, supporting the accumulation phase. As it is not an extreme value, it helps sustain the upward price action if momentum continues.
If the BNB/USDT trading pair gains strong momentum, the price might move up to the nearest resistance at around $914.57. With an extended correction on the upside, the golden cross could emerge, and the bulls take the price above $918.79. On the flip side, assuming BNB displays a price chart in red, the bears might push the price to $906.38 support. A sturdy bearish correction initiates the formation of the death cross, inviting further losses and sending the price below $902.10.
Furthermore, the daily Relative Strength Index (RSI) stationed at 63.29 indicates moderate bullish sentiment. The asset is gaining strength, and it may approach the overbought zone above 70. There is still room for further upside. BNB’s Bull Bear Power (BBP) reading of 17.26 signals strong bullish dominance in the market. The buyers are in control, with the price trading above. Also, there is a potential short-term profit-taking alert if the ongoing move becomes overheated.
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