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Cryptocurrency News Articles

Binance Coin (BNB) Price Analysis: Despite Market Gains, BNB Charts a Different Path

Oct 01, 2024 at 12:30 am

While the crypto market has seen massive gains over the past week, Binance coin [BNB] has shaped a different path.

Binance Coin (BNB) Price Analysis: Despite Market Gains, BNB Charts a Different Path

Despite the broader crypto market experiencing substantial gains over the past week, Binance Coin (BNB) has taken a different path, registering a decline in its price charts.

While anticipation was high for the release of CZ from prison to positively impact the market, this optimism has yet to materialize. As a result, BNB has faced a drop in value.

At the time of writing, BNB was valued at $581, indicating a 2.53% decrease over the past 24 hours. Additionally, the altcoin experienced a 2.07% decline on the weekly chart.

Prior to this, BNB had enjoyed a trajectory of上昇, clocking an 8.32% hike.

Interestingly, despite the price decline, BNB’s trading volume surged, offering a contrasting perspective. Over the past 24 hours, the trading volume increased by 15.57%, reaching $1.8 billion.

This development—wherein trading activity increased despite the price decline—has sparked discussion among analysts regarding the altcoin’s future trajectory.

In this regard, Johncy Crypto, a well-known crypto analyst, suggested the possibility of a uptrend, highlighting BNB’s sustained growth.

🔎 Breaking Down Johncy's Analysis 🔍

Johncy's analysis begins by using BNB's long-term ascending channel to predict further gains on price charts.

According to his analysis, the altcoin has demonstrated consistent growth within a long-term ascending channel.

This growth is evident in the formation of higher highs and higher lows, which typically indicates a sustained bullish trend over the long term.

Within this context, if BNB were to reach the upper boundary of the ascending channel, it could signal strong bullish momentum and the potential for a breakout.

Hence, with the possibility of a new bullish cycle, prices could be pushed toward the upper resistance of the channel.

What BNB's Charts Are Really Saying

While Johncy's analysis presents a promising outlook for BNB, the recent price movements seem to paint a different picture.

In fact, the broader market has largely impacted BNB's 30-day recovery.

For instance, there has been a spike in BNB's liquidations for long positions over the past three days.

At press time, long position liquidations amounted to $1.5 million, while short position liquidations stood at $26k.

Such a market condition indicates that those betting for the market are being forced out of their positions.

Moreover, the lack of traders' willingness to pay a premium to hold their positions suggests a decreasing confidence in future price gains.

Additionally, the Relative Strength Index (RSI) declined from 66 over the past three days to 54.9 at press time.

Over the same period, the RSI-based MA at 62 remained above the RSI, indicating that the uptrend had lost momentum. Hence, BNB may experience further correction or consolidation.

Also, a declining RSI suggests that sellers are taking over the market, leading to selling pressure. In this case, our earlier observation of increasing trading activity could be indicative of sell-offs.

Finally, BNB's Open Interest declined over the past three days, shifting from $334 million to $314 million after increasing at the start of the week.

This highlighted a change in market sentiment, with investors closing their positions and no new entrants joining the market.

Read Binance Coin's [BNB] Price Prediction 2024–2025

In summary, BNB has experienced a shift in market sentiment from positive to negative. As such, the current conditions do not support a short-term rally.

Therefore, based on prevailing market sentiment, BNB will likely retrace to the critical support level at $553 before commencing an uptrend again.

News source:ambcrypto.com

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