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BNB bulls defend the range low again: Can buyers push on?

2min Read

Can buyers push on after bullish move from $205 support level?

BNB bulls defend the range low again: Can buyers push on?

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • BNB registered a 4% bounce off the range low.
  • However, market speculators displayed a lack of conviction in the bullish rally. 

The crypto market flashed green, as Bitcoin [BTC] rallied above $27k. This spurred a bullish move for Binance Coin [BNB], with the native token of the BNB Chain registering a 4% bounce off the range-low of $205.


Read Binance Coin’s [BNB] Price Prediction 2023-24


Despite the marginal gains, BNB still traded under $220, extending its range formation.

Can buyers mount a sustained bullish rally?

Binance Coin BNB price chart

Source: BNB/USDT on Trading View

The $205 support level has been decisive for bulls over a two-month period. The buying strength at the level has limited the selling pressure and kept BNB in a price range over the period.

Furthermore, buyers have registered decent price rebounds from the level. However, the $225 resistance level has always stood in the way of more gains for buyers.

With the bullish sentiment in the market, BNB buyers could take advantage to push for a sustained bullish run. A price consolidation above $220 will provide the platform needed to flip the $225 resistance level with further upside at $235 to $240.

On the other hand, another rejection will keep the current range formation and extend BNB’s bearish market structure.

Buyers need to exercise caution

Source: Coinalyze

Data from Coinalyze showed a lack of confidence in the bullish rebound by participants in the derivatives market. Despite the price bounce, the Open Interest (OI) declined by $4 million over the past 24 hours.


Realistic or not, here’s BNB’s market cap in BTC’s terms


Similarly, the Funding Rate flipped negative over the past 48 hours. This suggested that short-position traders were dominant and willing to pay long traders. This implied that many Futures traders were bearish at press time.

Yet, an extension of BTC’s bullish rally could aid BNB buyers in the short term.

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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