Journalist
- BNB is currently confined to the range.
- The move below the range is preferred, although a break down has not been confirmed.
Binance Coin [BNB] Since the 19th March, BNB has been trading within a narrow range. The range was from $505 to $630 and BNB would soon be retesting the lows.
The exchange token’s value hasn’t dropped as much as other large cap stocks in the last week. This was encouraging news for investors but there is more to this than relative strength.
Buy walls combined with range lows can be a powerful combination.
BNB/USDT TradingView
Trading volume was relatively low over the last month. The trading volume surged between the 12th and 14th April, as sales pressure increased. The OBV fell below the support of a whole month during this wave.
The bears gained more momentum from this drop. This drop also indicated that the bears have gained more momentum.
The RSI also fell below neutral 50, highlighting the downward trend.
Order book data revealed limit purchase orders valued at $1,51 million ($520) and $2.32 millions ($510) respectively.
The confluence of the low range and the pressure from the bears suggested that the buy wall will soon be tested.
The $585 and $580 levels to the north had similar amounts of limit orders. This marked it as a zone of resistance.
BNB Bears could be affected by the short-term increase in demand
AMBCrypto noticed that the Open Interest Chart has not moved since the huge drops of the 13th April. It was clear that speculators feared to go long BNB, and instead waited for volatility to drop.
On the other hand, on April 14, the CVD spot moved strongly higher. It has been decreasing gradually since then. A surge in demand may keep the price above $505.
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On the heat map, the area of greatest interest was $475. There were not many levels of liquidation in the $500-$510 range. The next magnetic zone was at the $475 liquidity pocket.
In general, indicators pointed to a movement towards the region of $460-475. But some remained, and it was possible to see a bullish rebound.