- BNB corrects 10% beneath its all-time excessive with a barely bearish RSI of 49.91.
- Rising MACD and excessive social dominance trace at potential bullish rebound.
After hitting an all-time excessive final week, evidently Binance Coin [BNB] bulls are taking a step again, plunging the token proper right into a considerably anticipated correction.
At press time, costs had been over 12% beneath the all-time excessive. In what approach might BNB finish the week?
Looking at BNB’s 5-day chart, we see the RSI is at present just under the impartial 50 stage at round 49.91, suggesting a balanced however barely bearish momentum.
Nonetheless, the MACD line is above the sign line and above zero, suggesting some bullish momentum is beginning to construct.
Supply: TradingView
Will BNB get well quickly?
Present buying and selling was near $644, properly beneath the latest excessive, indicating the correction is in full swing. Nonetheless, the exponential transferring common additionally reveals the worth beneath it, reinforcing the bearish pattern.
Notably, there was a big spike in BNB’s social quantity that coincides with the worth drop.
During times of excessive social quantity, BNB’s dominance additionally reveals spikes, indicating that it’s nonetheless a extremely popular subject of dialogue in crypto communities and can stay so for the foreseeable future.
Supply: Santiment
The buying and selling quantity for BNB derivatives has surged by 157.99%, because it has steadily been doing for the previous ten days.
The Lengthy/Brief ratio throughout totally different platforms reveals a dominance of lengthy positions, notably with ratios over 1.5 on OKX and prime merchants on Binance.
Supply: Coinglass
This bias in the direction of lengthy positions can replicate a usually bullish sentiment amongst lively merchants.
Contemplating the present technical setup and market sentiment, BNB might proceed to expertise some stage of volatility all through the week because it seeks to discover a new equilibrium post-correction.
Real looking or not, right here’s BNB’s market cap in BTC phrases
If the momentum holds and the broader market stays comparatively bullish, the bulls will possible efficiently push previous the all-time excessive of $717 by the top of Friday.
All in all, BNB is ready to have fairly a risky week.
