Binance Coin [BNB] bulls secure $303 support – are more gains on the way?
Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.
- Delicate bullish momentum spurred good points for BNB.
- Funding charges remained adverse.
Binance Coin [BNB] climbed larger at press time, posting over 3.5% good points previously 48 hours. The altcoin traded at $313. The delicate bullish momentum adopted bulls, securing the $303 help stage. A current worth report highlighted the importance of this help stage as a rallying level for BNB patrons.
Learn Binance Coin’s [BNB] Worth Prediction 2023-24
With Bitcoin [BTC] additionally edging into the $27k worth zone, BNB bulls will look to report extra good points. Nevertheless, they’ve a robust bearish order block to deal with.
Bulls defended the $303 help stage
Supply: BNB/USDT on Buying and selling View
The $303 stage has beforehand acted as a robust help for BNB. A take a look at of this help stage in early April noticed BNB rally to its 12 months-To-Date excessive of $350. BNB bulls will likely be hoping for a repeat.
At press time, the on-chart indicators supported the delicate bullish momentum. The OBV recorded an uptick to sign incoming quantity. The RSI additionally crossed above the impartial 50 and stood at 56.1. The CMF added one other affirmation with a studying of 0.15.
If the $303 help continues to carry, will probably be an indication of bullish momentum that might tip the BNB/USDT pair to retest the current worth ceiling at $350. Nevertheless, bulls will face important pushback, resulting from a bearish order block on the $350 worth zone.
On the draw back, a retest of the $303 help would possibly signify a weakening construction. Such a transfer might see sellers drive the altcoin right down to its March low of $283.
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Blended sentiment might hamper bullish rally
Supply: Santiment
A view of BNB’s 30-day Market Worth to Realized Worth (MVRV) ratio on Santiment confirmed that BNB had crossed into overvalued territory. The MVRV metric, at press time, stood at roughly 2%. It hinted at elevated upward motion for the altcoin.
Nevertheless, the bears nonetheless held important management within the futures market. Knowledge from Coinalyze confirmed that funding charges remained adverse whereas Open Curiosity additionally continued its decline. Buyers ought to observe Bitcoin’s worth motion and total market sentiment, as BTC’s worth motion might affect BNB’s worth course.
Supply: Coinalyze
