Connect with us
Active Currencies 14412
Market Cap $2,650,749,235,367.10
Bitcoin Share 50.17%
24h Market Cap Change $-2.72

Is BNB settling into another range-bound movement?

2min Read

Despite BNB recovering from the $205 support level, bullish recovery could be trapped in another price range.

Is BNB settling into another range-bound movement?

Share this article

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

  • BNB could begin another range-bound movement, as bears held tightly to resistance level.
  • Speculators maintained a cautious approach while waiting for a clear direction in the short term.

Bulls have been able to bounce back gently from the $205 support after the bearish breakout took Binance Coin [BNB] below the range low of $225 on 17 August.  However, this price bounce has stalled just below the new resistance of $225.

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

With wavering market conditions continuing to exist, buyers cannot afford another range-bound movement, if BNB is to recover the massive Q2 losses. Meanwhile, Bitcoin [BTC] dropped by over $2,000 within 24 hours to extend its oscillating price action.

BNB could be caught up in another price range

Binance Coin BNB price chart on dark background

Source: BNB/USDT on Trading View

The massive losses experienced by BNB at the start of June found some respite at the $220 – $225 price level. However, while bulls defended the level staunchly, the insufficiency of the buying pressure kept BNB in a compact range between $225 – $254 over a two-month period.

The same pattern looks to repeat itself after bears successfully flipped the $225 level to resistance. Bulls recovered from the nearby support of $205, but bears have refused to give back the resistance level quickly.

Looking into the chart, indicators showed a preference for a more bullish recovery in the short term. The Chaikin Money Flow (CMF) surged to +0.20, hinting at strong capital inflows. The Moving Average Convergence Divergence (MACD) also posted a bullish crossover, while the Relative Strength Index (RSI) moved to the edge of the 50 mark.

For bulls to experience sustained momentum, the $225 level needs to be reclaimed over the coming days. This will give a solid foundation for a bullish push for the $255 – $260 price level. A price rejection at the $225 level could see more sellers look to push BNB below the $200 price level.

Market indecision among speculators

Source: Coinglass

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

The exchange long/short ratio highlighted the hesitancy by market speculators to commit to new contract positions on BNB. Data from Coinglass showed a marginal difference between longs (50.32%) and shorts (49.68%).

With just $500k separating long and short positions, a cautious approach is advised in the interim to avoid being caught out by swift buying or selling price action.


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.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.