The mixed signals in the crypto market are triggering both the bulls and bears often. At press time, with a 1.37% spike, some green is found across the assets. However, their prices are chosen to swing between gains and losses. The largest assets, Bitcoin and Ethereum, are trying to break the bearish chain.
Meanwhile, BNB, the native token of the Binance ecosystem, has recorded a 0.77% spike in the last 24 hours. Before the brief bullish command within the BNB market, it traded at a bottom level of $894.87, and then the price rose to a high range of $913.46.
Certain key resistance levels between $896 and $911 were tested and broken. BNB is trading at around the $907.36 zone at the time of writing. With its market cap settling at $124.75 billion, the daily trading volume has increased by over 19.18%, reaching the $2.38 billion mark.
Which Direction Will BNB Take Next?
The recent technical analysis displays that the Moving Average Convergence Divergence line is below the signal line, revealing the bearish shift. The asset may continue to face downside unless the MACD crosses back above the signal line.
Moreover, BNB’s Chaikin Money Flow (CMF) reading of -0.13 hints at selling pressure in the market. Also, the capital flows out of the asset, showing distribution rather than accumulation. As long as it remains below zero, the bias leans bearish.
BNB’s daily Relative Strength Index (RSI) resting at 55.19 indicates moderate bullish momentum. As the asset is not overbought, the price action may continue higher if momentum strengthens. Furthermore, the Bull Bear Power (BBP) value of 6.88 suggests bullish dominance. This level reflects positive momentum, with the buyers in control, with the price trading above.
Zooming in on the BNB/USDT trading pair, it reports a bearish pattern, with the price falling toward the support at $902.17. With an extended correction on the downside, the death cross could unfold, driving the price below the $897.04 range.
On the upside, the asset’s price chart might turn green and climb to the $912.35 resistance level. Further bullish pressure could initiate the golden cross to take place. Gradually, the mighty bulls would send the BNB price toward $917.50 or even higher.
Top Updated Crypto News
Can Ethereum (ETH) Rekindle Its Bullish Momentum Soon and Turn Green?
