$BNB 's 2024 roadmap: Key indicators to watch and trade
The trading volume for BNB remained lackluster in May. Following a significant price drop in June, a brief recovery in volume was observed. However, this was reversed as the price landed on its lowest support.
As the price began to recover from October, this was mirrored in the volume. It dropped slightly towards the end of January, but this was reversed the next month as the volume amplified. The recent pullback was again followed by a downtick in volume. This suggested cautious investor participation.
The Chaikin Money Flow (CMF) began with a downtrend, crossing below the zero line by the end of July. It turned positive again in late October. Thereafter, it fluctuated above and below this neutral threshold until January.
Since then, it has been consistently rising, registering at 0.31 at the time of writing. This highlighted significant buying pressure and inflow of money into the asset.
In the Directional Movement Index (DMI), the +DI line fell below the -DI line in June. By mid-month, the ADX line also surpassed the +DI line, with the -DI remaining dominant until late October.
Subsequently, the +DI line regained its position above the -DI line, and the ADX also moved above the latter in November. Between late January and mid-February, the ADX rose above the +DI, a trend that recurred in mid-March. Notably, the +DI started to descend in late March while the -DI increased.
At the time of writing, the indicator stood as follows: ADX at 52.1808, +DI at 30.3253, and -DI at 13.3479. This could be an early warning of a potential incoming correction.