- BNB trades at around $872.
- Trading volume is up by over 63%.
The crypto market’s bearish tone is strengthening day-by-day, instead of reversing it. Most of the notable tokens are trading on the downside, in the red. The largest assets, like Bitcoin (BTC) and Ethereum (ETH), are hovering at $87.7K and $2.8K, respectively. Meanwhile, the BNB price has made a brief 0.71% slip in value.
In the morning hours, the asset traded at a high range of $879.88. With the bearish shift in the BNB market, the price has fallen to the downside, trading at $855.91. Currently, BNB is trading at around $872.82, with its trading volume up by over 63.48% to $2.3 billion. The BNB market has observed $3.06 million liquidated in the last 24 hours.
With the bearish outlook, the BNB price could fall to the $868.52 support. If the bearish correction gains more power, the death cross takes place, and the bears might send the price below $864.31. Assuming the asset’s chart turns green, the price might rise toward the $876.45 resistance. Upon the bullish pressure strengthening, it triggers the formation of the golden cross, and drives the BNB price to $880.11.
Technical Indicators Show Bears Taking Control of BNB
Zooming in on the technical chart of BNB, the Moving Average Convergence Divergence (MACD) signal lines are below the zero line, displaying bearish momentum. Near-term price action is underperforming relative to the longer-term trend. Unless the lines start moving back to zero, the downside pressure will remain.
Moreover, the Chaikin Money Flow (CMF) indicator of -0.23 reflects a strong selling pressure in the BNB market. More capital is flowing out of the asset than into it, and distribution is happening rather than accumulation. Notably, if the value rises negatively, it reinforces the bearish bias.
The daily Relative Strength Index (RSI) found at 39.94 suggests weak momentum, leaning to the bearish side. As BNB is below the neutral level, the sellers have the upper hand but have not yet oversold. Also, there is still room for more downside unless buying pressure pops up and pushes it back above 45-50.
BNB’s Bull Bear Power (BBP) reading of -6.13 indicates strong bearish dominance, with the bears pushing the price below. This implies heavy downside pressure, and unless it starts moving back toward the zero line, the current trend is likely to remain weak or bearish.
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Source: https://thenewscrypto.com/bnb-under-pressure-with-volume-up-63-will-bulls-reload-or-bears-take-firmer-control/
