BNB’s Next Resistance Zone: $350-$355
Binance Coin (BNB) has faced a significant resistance zone at $350-$355, remaining unbreached for nearly two years.
Bullish Bias Maintained
Binance Coin continues to exhibit a bullish bias, with the lack of strong selling volume during recent dips indicating that buyers are still in control.
Technical Analysis Overview
From a technical analysis perspective, BNB is currently trading in an area that attracts buyers due to the favorable risk-to-reward aspect.
A drop below $301 could alter these expectations, but evidence from indicators and price action suggests a higher likelihood of an upward move.
Is it a good time for traders to consider long positions on BNB?
Former Weekly Resistance Zone Impact
The 12-hour price chart of BNB reveals a bullish structure. A fall below $307 might initiate a downward move towards the $276-$266 support zone.
The $301.4-$315.4 support zone, marked in red on the one-week chart, had previously served as resistance in May 2022. A drop below $301.4 could lead to a retracement to the $276.5 support level or lower.
The RSI at 61 indicates strong bullish momentum despite the recent dip, and the OBV did not experience a significant drop, suggesting low selling volume when the token fell to $307.
Expectations are for buyers to drive prices higher in the coming days.
Short-Term Sentiment and Analysis
AMBCrypto’s analysis of market sentiment, based on Coinalyze data, slightly favors sellers. Over the past three days, both prices and Open Interest have declined. The spot CVD has also taken a hit.
If the OI and spot CVD begin to trend higher and prices climb above $315, a move to $335 and $350 could be anticipated over the next week or two.
Next Significant Resistance Zone: $350-$355
The next notable resistance zone for BNB is at $350-$355, remaining unbreached for nearly two years.
BSCN is aiming to become the leading media coverage platform around the Binance Smart Chain Ecosystem. With a strong focus towards Content Quality, Decentralized platforms, Hot topics in the market, Informative and education sources and guidance in how to be more aware around unreliable crypto projects.
