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BNB stock is currently trading at $907.
Trading volume has increased by over 19%.
Conflicting signals in the cryptocurrency market frequently trigger traders' emotions of bullishness and bearishness. As of this report, with a slight rise of 1.37%, some gains are observed across various assets. However, their prices fluctuate between gains and losses. The leading assets, Bitcoin and Ethereum, are striving to break their downtrend.
Meanwhile, BNB, the native cryptocurrency of the Binance system, recorded a 0.77% increase in the past 24 hours. Before the short upward wave in the BNB market, it was trading at its lowest level of $894.87, then the price rose to its highest level of $913.46.
Some key resistance levels between $896 and $911 have been tested and broken. BNB is currently trading at around $907.36. With its market capitalization stabilizing at $124.75 billion, daily trading volume has increased by more than 19.18%, reaching $2.38 billion.
What trend will BNB follow next?
Recent technical analysis shows that the Moving Average Convergence Divergence (MACD) line is below the signal line, indicating a bearish shift. The asset may continue to face further declines unless the MACD line crosses upward above the signal line.
BNB chart (Source: TradingView)
Furthermore, the reading of the Chaikin Money Flow (CMF) for BNB at -0.13 indicates selling pressure in the market. Capital outflows from the asset also show a distribution rather than accumulation. As long as the indicator remains below zero, the trend leans toward a decline.
The daily Relative Strength Index (RSI) for BNB, at 55.19, indicates moderate bullish momentum. As the asset is not in the overbought territory, the price may continue to rise if momentum strengthens. Furthermore, the Buy and Sell Pressure (BBP) value of 6.88 indicates bullish dominance. This level reflects positive momentum, as buyers are in control, and the price is trading above it.
Upon examining the BNB/USDT trading pair, we notice a downward pattern, where the price is retreating towards the support level at $902.17. As the downward correction continues, a death cross pattern may form, pushing the price below the level of $897.04.
In the event of a rise, the asset price chart may turn green and rise to the resistance level at $912.35. Further upward pressure may lead to the formation of a golden cross pattern. Gradually, buyers will push the price of BNB towards $917.50 or even higher.$BNB
