Binance Coin price will rise after retesting support
Binance Coin hopes to rally around the broken declining trendline.
The long-to-short ratio and positive OI-Weighted Funding Rate indicate bullishness on-chain.
A daily candlestick closing below $468.70 would disprove bullishness.
Binance Coin (BNB) climbed 2.73% on Monday after retesting its trendline on Sunday. The Asian trading session on Tuesday continues to rise. On-chain data shows BNB's favorable price behavior due to its positive financing rate and long-to-short ratio.
Binance After flashback support holds, coin price will rise.
On Sunday, Binance Coin price retested and found support from the broken descending trendline (made by connecting numerous June 6 high levels). Next day, it increased 2.73%. Tuesday's price is $534.70, up 1.5%.
BNB may recover 13% to retest its August 23 high of $599.60 if $499.20 support holds.
Relative Strength Index (RSI) and Awesome Oscillator (AO) on daily chart are poised to cross neutral levels of 50 and zero. If bulls are returning, both momentum indicators must stay above neutral. Such such event would boost the recovery rally.
Traders and analysts use Coinglass's OI-Weighted Funding Rate statistics to gauge market sentiment and anticipate price moves. This indicator uses futures yields weighted by open interest rates. When longs pay shorts, bullish emotion is shown. Bearishness is shown by negative numbers (shorts pay longs).
A positive rate of 0.0023% indicates longs pay shorts for BNB. This indicates market bullishness, predicting Binance Coin's price may rise.
Coinglass's BNB long-to-short ratio is 1.31, suggesting bullishness. The ratio over one indicates optimistic market sentiment since more traders expect the asset price to increase.
On-chain data and technical analysis support the optimistic view, but a daily candlestick close below $468.70 would undermine the bullish thesis. BNB may drop 14% to retest its August 5 low of $400.
