Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion.
– The stochastic RSI on the day by day chart was within the overbought zone at press time.
– Buying and selling volumes declined whereas the imply coin age rose, pitting sellers towards consumers.
Binance Coin [BNB] has hit a vital multi-month resistance stage of $338, which can have an effect on the uptrend. BNB clocked over 7% good points previously week however has steadied previously 24 hours, up by solely 0.8%, in keeping with Coinmarketcap.
Learn Binance Coin’s [BNB] Value Prediction 2023-24
In the meantime, BTC consolidated close to $30k, chalking a sideways construction between $29.6k and $31k. Continued consolidation of the king of crypto might set BNB to an analogous construction or a brief pullback if total sentiment stays bullish.
Will the bulls bypass the $338 hurdle?
Supply: BNB/USDT on TradingView
The BNB/USDT pair has surged to the stiff resistance stage of $338. This stage has been a key value ceiling in 2021 (February), 2022 (Might, August, November) and 2023 (February, March, and now April). All through these intervals, aside from the present April retest, BNB retraced after hitting the resistance stage.
Apart from, the stochastic RSI strengthened, however the oscillator entered the overbought zone, which implies bulls might have a break quickly. BNB could also be in for a fast pullback if that’s the case.
Such a transfer might supply a superb shorting alternative on the present stage if the downtrend extends to 50% Fibonacci ($309.4) or the intersection of 200 MA and ascending trendline ($293). A breach under the 38.2% Fib stage ($288.3) and ascending trendline might flip the construction to bearish.
Opposite to the above assumption, a day by day shut above $338 might set BNB to focus on the 78.6% Fibonacci stage ($360.6) or the overhead resistance stage of $398.9. Notably, the ADX (Common Directional Index) had an uptick indicating the uptrend was nonetheless sturdy by press time.
The imply coin age rose, however value volatility eased
Supply: Santiment
The 90-day imply coin age rose steadily previously few days – indicating an elevated accumulation of BNB tokens and a possible rally. It might give bulls little hope.
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Nevertheless, buying and selling quantity (yellow bars) has been declining since 12 April, which might faucet sellers to realize market entry. As well as, the weekly value volatility tapered off, pointing to diminished accumulation seen previously few days.
However BTC’s value motion might set BNB’s value path. A break above $31k might set BNB to beat the $338 hurdle, whereas a slide under $29k might push it into retracement.
