Future of Binance Coin: Price Analysis and Bearish Signals:
Last month, Binance Coin saw erratic price changes, establishing a channel and currently trading at the bottom end of this range. Bitcoin is still trading for less than $27,000 at the moment. With all of these drawbacks, an increase in BNB may not be likely.
According to a recent price study, the support level at $205 might be breached on October 10. BNB's price fell to $202.8, but a decisive downward breakthrough has not yet taken place. Here are some upcoming BNB expectations for traders and investors.
BNB Coin Evaluations:
When examining the market structure of Binance Coin, a decline towards the $205 support level on the 4-hour bullish order block led to the discovery of a downtrend. At $203.9, the price created a low range (orange). From $212.7 on October 10, Binance Coin moved toward the middle zone, but practically all gains were erased as a result of the general market fall.
The data show that a closure below $204 on the 4-hour market movements may have caused investors to consider short positions. Given all of these elements, there was no conducive setting for buyers to demonstrate their strength. In October, On-Balance Volume continued to move downward while the Relative Strength Index stood at 42.
Furthermore, the Chaikin Money Flow was below -0.05, indicating a large outflow of capital from the market. When examining price alterations and signs collectively, it can be anticipated that BNB is likely to fall under $204.
The Prospects for BNB Coin:
As shown in the hourly chart below, when prices dropped on October 9 and 12, Open Interest experienced a sharp rise in the opposite direction. This suggests that the market has become even more intensely pessimistic. These price changes also reveal the bears' readiness to short the token.
On October 10,Cumulative Volume Delta increased. Bulls, though, were unable to withstand the strain. The past two days also observed a slight decline in CVD. This means that BNB may experience more short selling due to a lack of genuine market demand.
