Journalist
Posted:
- BNB is struggling to break through resistance from the past, with financing percentages that indicate indecision among traders.
- A drop below $ 640 could cause more disadvantage, while a push above $ 700 can signal a bullish momentum.
Binance currency [BNB] has worked within a defined channel, confronted with resistance near the $ 700 marking while retaining support over $ 620.
The price process of the actively shows signs of tightening up volatility, but on-chain statistics suggest potential abnormalities that can define the next major movement.
BNB: Resistance and support zones
The 12-hour graph for BNB revealed symmetrical consolidation, with a price action that oscillating between a downward trend line of resistance and a horizontal support level.
The 50-day advancing average [MA] Was at $ 640.2 at the time of the press, as an intermediary support, while the 200-day MA at $ 674.1 reinforced resistance near recent highlights.
Source: TradingView
BNB has difficulty breaking along the upper trendline near $ 700, which indicates a strong sales pressure at that level.
If the prize decides this barrier, the next major resistance zone is around $ 740, which matches earlier rejection points.
Conversely, as sellers dominate, BNB could test support at $ 620, with an extensive fall that $ 580 brings in focus as an important demand zone.
Financing percentage and market sentiment
The BNB Open interest-weighted financing interest Graphic emphasized a recent trend of negative financing percentages.
Historically, such declines indicate that short sellers pay a premium, which could suggest an increased bearish sentiment.
However, the frequency of negative financing in the past two weeks indicates increased uncertainty among traders instead of a solid downward trend.
Source: Coinglass
If the financing percentages remain in negative territory while the price is stable, this can be the scene for a short Squeeze scenario, where excessive short positions feed a rebound.
Potential price scenarios: Bullish vs. Bearish
Bullish Case: If BNB succeeds in retaining the momentum above $ 680 and convincingly $ 700, a meeting to $ 740 can unfold.
Strong trade volume and renewed interest in binance-related developments can support this upward movement.
Bearish Case: An absence to hold $ 640 can intensify the sales pressure, which pushes BNB to $ 620. A further breakdown can bring $ 580 into play, which marks a considerable loss of bullish control.
Last thoughts
The BNB price action remains at a crucial bending point, where both bullish and bearish possibilities are still open.
Traders must follow trends in financing and resistance problems closely, because they can determine whether BNB goes on their way to an outbreak or slides to a deeper correction area.
