Binance Coin (BNB) Price Prediction: Will the Bulls Regain Control This Week?
- PHPzOriginal
- 2024-07-02 03:12:11497browse
The bulls failed to defend Binance Coin (BNB) from the resistance at $635. At the time of publication, prices returned to the support zone at $570.
Binance Coin (BNB) failed to hold on to resistance at $635. At press time, prices returned to the support zone at $570. Technicals pointed toward bearish expectations.
Futures also painted a grim picture. On the 29th, sentiment appeared to turn bullish, but this was not accompanied by recovering open interest.
As speculators await the next trend, what can traders expect this week?
The rollback to the mean turned out to be uneventful.
Source: BNB/USDT on TradingView
In the first week of June, Binance Coin registered massive gains, hitting highs of $717 and setting a new all-time high. This marked an expansion of 23.6% from Fibonacci levels and a technical resistance zone. It led to a downturn in price.
Previous range highs at $635 were expected to put a floor under the bearish rally, but this did not occur. The $570 price level was tested as support and held throughout the past week.
Daily RSI was at 40, suggesting bearish momentum. The Chaikin Money Flow (CMF) index was at -0.05 and highlighted strong capital outflows from BNB markets over the past few days. Together, they pointed toward a higher probability of losses continuing.
Liquidity in the $550 and $520 regions was likely to attract prices ahead of a bullish recovery.
Slowing spot demand was a bullish signal
Source: Coinalize
Open interest has been on a downtrend since 6 June. It dropped sharply from $1.068 billion on that day to $618.2 billion on 12 June. This bearish trend continued, with open interest at $554 billion at press time.
Next up was Binance Coin (BNB) Price Prediction 2024-2025
CVD signaled a similar trend. It attempted to recover from 19 to 22 June but failed due to a lack of sustained demand.
Over the past two days, the spot exchange rate began to rise slowly. The funding rate also increased, suggesting that speculators might be turning bullish once more.
Next: Kaspa up 20% in 7 days – Will KAS reach new ATH of $0.22?
This is an automated translation of our English version.
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