BNB Hanging in the Balance: Will Bears Swipe It Down or Can Bulls Mount a Defence?

• BNB is currently hovering at around $933.
• Trading volume has soared by over 63%.

The reddish, bearish sentiment across the digital assets has resulted in its prices slipping into the former support zone. Notably, the Fear and Greed Index value is holding at 17, reflecting extreme fear in the market. All the major assets are charted in red, including Bitcoin (BTC) and Ethereum (ETH), currently hovering on the downside. 

Meanwhile, BNB, the native token of the Binance ecosystem, has dropped 1.45% in the last 24 hours. The asset opened the day trading at around $947.25. With the bears taking control, the price movement has gradually slipped to a bottom of $910.90. If the bulls regain momentum, it could rise back above the $1K threshold.

BNB is currently hovering at around $933.76, with its market cap settled at $128.63 billion. In addition, the daily trading volume has soared by over 63.06%, reaching the $2.9 billion mark. The Coinglass data has reported that the market has witnessed a liquidation event of $2.12 million worth of BNB in the last 24 hours. 

Is BNB Poised for a Breakout or a Breakdown Next?

The active BNB price pattern is bearish, with the formation of the red candles. The price could fall to the key support at the $930.21 level. An extended correction on the downside triggers the potential bears to gain more strength. It leads the price to its subsequent support below $927.48. 

Assuming a reversal of the current momentum, the BNB price might instantly climb to the $936.85 resistance. With the bullish pressure intensifying, the bulls could take the center stage and initiate a move toward the asset’s recent high at around the $939.79 range or even higher. 

BNB’s both the Moving Average Convergence Divergence (MACD) line and the signal line have crossed below the zero line, implying its bearish phase. Even if there are short-term bullish signals, the overall trend remains to lean downward. The Chaikin Money Flow (CMF) indicator at 0.27 hints at a strong buying pressure. Also, the value shows strong positive money flow into the asset, a healthy accumulation, which supports bullish momentum if sustained. 

Furthermore, the daily Relative Strength Index (RSI) resting at 49.13 is in the neutral zone. It likely shows the balanced momentum between buyers and sellers, where a breakout or breakdown depends on the upcoming price action. BNB’s Bull Bear Power (BBP) value of 7.17 indicates bullish strength. However, the strength is moderate, not extremely strong. The positive value shows that buyers are pushing the price above.

Top Updated Crypto News

Momentum Battle: Will Ethereum (ETH) Ignite a Lift-Off or Face a Deeper Correction?