Binance Coin [BNB] bulls secure $303 support – are more gains on the way?
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- Mild bullish momentum spurred gains for BNB.
- Funding rates remained negative.
Binance Coin [BNB] climbed higher at press time, posting over 3.5% gains in the past 48 hours. The altcoin traded at $313. The mild bullish momentum followed bulls, securing the $303 support level. A recent price report highlighted the significance of this support level as a rallying point for BNB buyers.
Read Binance Coin’s [BNB] Price Prediction 2023-24
With Bitcoin [BTC] also edging into the $27k price zone, BNB bulls will look to record more gains. However, they have a strong bearish order block to contend with.
Bulls defended the $303 support level
The $303 level has previously acted as a strong support for BNB. A test of this support level in early April saw BNB rally to its Year-To-Date high of $350. BNB bulls will be hoping for a repeat.
At press time, the on-chart indicators supported the mild bullish momentum. The OBV recorded an uptick to signal incoming volume. The RSI also crossed above the neutral 50 and stood at 56.1. The CMF added another confirmation with a reading of 0.15.
If the $303 support continues to hold, it will be a sign of bullish momentum that could tip the BNB/USDT pair to retest the recent price ceiling at $350. However, bulls will face significant pushback, due to a bearish order block at the $350 price zone.
On the downside, a retest of the $303 support might signify a weakening structure. Such a move could see sellers drive the altcoin down to its March low of $283.
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Mixed sentiment could hamper bullish rally
A view of BNB’s 30-day Market Value to Realized Value (MVRV) ratio on Santiment showed that BNB had crossed into overvalued territory. The MVRV metric, at press time, stood at approximately 2%. It hinted at increased upward movement for the altcoin.
However, the bears still held significant control in the futures market. Data from Coinalyze showed that funding rates remained negative while Open Interest also continued its decline. Investors should track Bitcoin’s price movement and overall market sentiment, as BTC’s price action could influence BNB’s price direction.