Binance Coin (BNB) experienced a 4% price retraction after reaching an all-time high on 6 June, facing resistance around the $712 level as profit-taking activities commenced. Despite this, market bulls were ready to defend the support level at $635, with the coin’s RSI, MFI, DMI, and CMF indicating bullish momentum. BNB’s Futures open interest also reached a three-year high of $1.12 billion on 7 June, showing increased market activity and demand for long positions.
The recent rally in BNB’s price saw it breaking above the upper channel of its horizontal line and reaching an all-time high of $720 before the price retraction. However, traders were quick to take profits, leading to a 4% decline in the price. At the time of reporting, BNB was valued at $688, with selling pressure pulling the price towards the breakout level of $632. Despite this, the bulls appeared poised to defend this level, as evidenced by ongoing accumulation and positive indicators on the charts.
The coin’s RSI and MFI were on an uptrend, indicating that buying momentum outweighed selling pressure. Additionally, the DMI showed a positive directional index above the negative index, signaling bullish activity. BNB’s CMF was also positive, reflecting a steady flow of liquidity into the asset. The increase in open interest in BNB’s Futures to a three-year high suggested heightened market activity and demand for long positions among traders.
BNB’s positive funding rate since 21 May indicated that new entrants were demanding long positions after a period of negative funding rates. This shift in sentiment towards bullish positions could further boost the coin’s price in the near term. As market participants continue to defend key support levels and show confidence in BNB’s future price potential, the coin’s market cap in BTC terms could see realistic growth in the coming days. Overall, BNB’s strong performance and positive market indicators suggest a bullish outlook for the altcoin in the near term.
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