• Binance Coin [BNB] has reacted positively to Bitcoin’s gains and surged by 20.5% in four days
• The daily market structure is bullish with significant support around $285-$292 levels
• Spot CVD and the Open Interest show signs of strong demand
Binance Coin [BNB] Bullish Momentum
Binance Coin [BNB] reacted extremely positively over the past two days of trading, surging by 20.5% within four days. The bullish euphoria over Bitcoin’s gains translated across the crypto-market and BNB gained significantly. On the daily timeframe, the market structure for Binance Coin seemed to be bullish once more and a confluence of support was found at $292.
The Volume Profile Visible Range showed that the price was right above the Point of Control, based on the trading from 8 February. The POC was at $304.2, and Binance Coin seemed to be retesting it as support, at the time of writing. The Value Area High and Low were found at $322.8 and $274.7, respectively. Moreover, a set of Fibonacci retracement levels (yellow) were drawn based on the latest surge too which showed that 78,6% retracement level lay at $276.7 – almost same level as VAL. In addition, RSI crossed over above neutral 50-level indicating bullish momentum had taken root while OBV also recorded gains which could continue higher in near future.
Funding Rate & Demand
The funding rate had been negative over last two days but it has since slowly climbed into positive territory indicating long positions are once again dominant in market – signs of possible flip in sentiment while rising spot CVD underlined strong demand but Open Interest had dipped over last 48 hours yet price appreciated during this period showing weakening bullish sentiment .
Hence longer term buyers can wait for pullback into $285-$292 zone while risk-averse traders can wait for positive reaction over three days before looking to buy & trade with trend as current technical indicators suggest BNB is currently in bull run mode & further appreciation is expected if buying pressure continues to increase over coming sessions .
The information presented does not constitute financial, investment, trading or other types of advice and is solely writer’s opinion .