- BNB may drop from $561 to $561 in the event of a bullish invalidation.
- The Funding rate and the sentiment both showed a negative trend, indicating a bearish bias.
Binance [BNB] The 4-hour chart might indicate that a break-out attempt is possible. AMBCrypto analysis showed that the effort may be futile.
This prediction can be attributed to the Exponential moving average (EMA). This indicator is used to measure the trend over a period of time.
BNB was traded at $586. The 20 EMA, in blue (above), and the 50 EMA, in yellow (below), were both at the exact same position. The EMAs indicated that bulls and sellers were unsure of how to influence the price.
BNB may trade in a narrow range, unless there is a crossover.
Golden cross gone: Death cross next?
The price could rise if the 20 EMA crosses the 50 EMA. extend toward $593. It was unlikely that the next BNB’s target could be 561 dollars, where the last golden crossing occurred.
If you are not familiar with this term, it is used to refer to a situation where the 20 EMA crosses the 50 EMA. The golden cross is called a “dearth cross” if the 50 EMA crosses above.
In addition to the above indicator, there is another that indicates a decline The Money Flow Index was created.
The indicator looks at the volume and price data of a particular cryptocurrency to determine if it is under buying pressure.
As of the time we went to press, the MFI was 66.04. This indicated that BNB had slowed its buying. The bearish hypothesis could be supported if the MFI reading continued to drop.
This AMBCrypto report was not alone in its view. Looking at the data on the chain, it is clear that many people expect BNB’s price to drop.
Bears double down on their wager
The weighted sentiment, however, was a clear indicator of this. negative Press time. The negative values indicate that the majority of comments on BNB social media platforms are bearish.
It could be difficult to see the price increase as long as the situation remains unchanged. The trend may change if BNB comments become more optimistic.
Further, an examination of the Funding Ratio revealed that it was at the very bottom end of the range. A higher Funding Ratio meant that more traders were inclined to short positions.
It would have been a positive sign if traders had received funding. bullish On the coin. Funding also impacts the coin’s price. BNB’s price dropped from the status at press time, while funding went down.
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This would suggest that the perp seller was aggressive and getting rewarded for his position.
BNB may fade an upward trend in this case, and there could be a potential decline. next Spot buyers can’t save the day.
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Source: ambcrypto.com