- Short sellers are able to enter a position after a slight price increase followed by a rejection.
- The bearish hypothesis would be shattered if the market were to move consistently above $514.
Binance Coin [BNB] The market was affected by a harshly bearish mood. Social media has remained negatively skewed and it is not showing signs of a rebound.
The exchange token did not seem to be a good investment in the short term.
Binance price and inflow analysis also showed a bearish trend. This is how traders should navigate the next few trading days.
Inflows reflecting market shocks and panic buying
Binary inflows metrics DefiLlama The data showed that since August 5, there has been $5.37 Billion worth of inflows into the centralized exchange.
The inflows are likely to be the result of a panic on the market, and they reflect crypto transfers made with an intention to sell.
The recent market volatility has negative implications for all exchange tokens, including BNB. This recent development has negative implications for the market, including BNB. legal troubles The bull’s case is not helped by Binance.
In the last ten days, social volume and weighted sentiment have both decreased. Development activity had been fairly consistent since May, but has dropped sharply over the past 2 weeks.
Investors may be concerned.
Token prices remained below range lows of $505 while maintaining their negative bias. OBV pointed down, but CMF was in neutral. Its drop below 0.05 would signal caution to buyers.
How to gauge the possibility of a squeeze
AMBCrypto observes that the global long positions BNB had a percentage of 2.19% for its 3-day looking back period. The short squeeze was fueled by speculators who were primarily bearish.
This was confirmed by the heatmap of liquidation. At $497 there was a large band of liquidity that extended up to $502. The liquidity at $497 could drive prices up.
You can read more about it here Binance Coin’s [BNB] Price Prediction 2024-25
Social media sentiment and Futures markets were firmly negative. On the 12-hour chart, technical analysis revealed that $505-514 represented a bearish block of orders.
This zone is a good place to expect a bearish turn.
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Source: ambcrypto.com