BNB Rangebound: Will a Breakdown Confirm Bearish Momentum?
As Binance Coin (BNB) remained rangebound between $505 and $630, investors were on edge as the possibility of a breakdown loomed. Despite showing relative strength compared to other cryptocurrencies, BNB faced increasing selling pressure that could push it below the range low.
The trading volume surged on April 12th and 13th, leading to a drop in the On-Balance Volume (OBV) below a key support level. This indicated a potential bearish trend that could see BNB fall below $505 and even breach the 50% Fibonacci retracement level at $495.
With the Relative Strength Index (RSI) also signaling downward momentum, the outlook for BNB appeared bleak. However, the presence of buy walls at $520 and $510, along with short-term demand, could provide some support and prevent a sharp decline.
Speculators seemed hesitant to long BNB, as reflected in the Open Interest chart, but a surge in spot Cumulative Volume Delta (CVD) hinted at a possible influx of demand that could keep prices above the range lows.
The liquidation heatmap pointed to $475 as the next region of interest, with the $460-$475 range being a potential target for BNB. Despite the bearish indicators, a bullish resurgence was not out of the question, leaving investors on edge as they awaited the next move for BNB.
