Reporter
Published: September 29, 2024
- The early release of Changpeng Zhao was expected to be a bullish trigger.
- The exchange token revealed indications of a possible rate retracement.
Binance Coin [BNB] was trading at the 10-week-old variety highs again. The early release from prison of previous Binance CEO Changpeng Zhao was anticipated to stimulate bullish eagerness in the market.
It did work up some bullish activity on social networks, however not a lot on the rate action charts. For BNB, the “gm” tweet from CZ was followed by a 3.9% dip over the next 6 hours. Integrated with the longer-term variety highs, some concerns about the future patterns of the exchange token were raised.
Variety breakout possibility
Source: BNB/USDT on TradingView
The almost three-month old variety reached from $464 to $604, with the mid-range level at $535. This level has actually worked as both assistance and resistance in current weeks. In mid-September, BNB retested this level as assistance before rallying 12.7% to reach the variety highs.
The everyday RSI stayed in bullish area above neutral 50 however formed a bearish divergence. The RSI made a lower high while the cost pressed greater, signifying a retracement is most likely.
The OBV was not able to check the July highs. The exact same scenario played out in mid-August, and BNB dealt with a stern rejection from the $600 level. Together, the technical signs revealed that a rejection from the variety highs is the most likely situation.
Liquidation levels highlight the $635 zone as cost target
The 3-month liquidation heatmap revealed that the $621-$635 location was a magnetic zone for the cost. Before this, it was the $600-$614 location that brought in rates to it before a pullback to $585.
Check out Binance Coin’s [BNB] Rate Prediction 2024-25
In a comparable way, an incorrect breakout past the variety highs to reach $635 before a retracement was an unique possibility. Traders ought to be prepared to take revenues as BNB techniques these levels and await a pullback and a purchasing chance.
Disclaimer: The info provided does not make up monetary, financial investment, trading, or other kinds of recommendations and is entirely the author’s viewpoint
