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Reading: Binance Coin Recovers Sharply from Support Line
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COINTURK NEWS > Binance Coin (BNB) > Binance Coin Recovers Sharply from Support Line
Binance Coin (BNB)

Binance Coin Recovers Sharply from Support Line

In Brief

  • BNB recovered sharply from its symmetrical triangle support line.

  • Santiment data showed positive sentiment and rising momentum indicators.

  • BNB's price could rise to $643 or fall to $520 based on market pressure.

COINTURK NEWS
COINTURK NEWS 1 year ago
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The recent rally in the market caused Binance Coin (BNB) to sharply recover from the support line of its symmetrical triangle pattern. This model forms when a token’s price reaches various highs and lows. It indicates that the token’s price is squeezed between buyers pushing prices up to meet resistance and sellers pushing down to find support.

Contents
Santiment Reports on BNBBNB Targets $643

Santiment Reports on BNB

When this occurs, the token is said to be consolidating within a specific range. At the time of writing, BNB was valued at $583.84 after a 3% rise from the $566 support level. Considering market sentiment is a good starting point to evaluate whether the altcoin can rise above the upper trend line of the triangle.

According to data from the cryptocurrency analytics firm Santiment, the weighted sentiment of the cryptocurrency was 0.607 and was in an upward trend at the time of writing. The positive value of the metric indicated that the BNB market received positive sentiments from participants. The fundamental momentum indicators of BNB also confirmed this bullish outlook. At the time of writing, the money flow index (MFI) was at 65.61 and rising. This suggests that market participants preferred accumulating BNB rather than distributing their assets.

BNB Targets $643

Similarly, the altcoin’s Chaikin money flow was in an upward trend and above the zero line at 0.07. This indicated a steady inflow of liquidity into the BNB market. If this indicator continues to rise, it could mean that demand for the cryptocurrency is increasing. If sentiments continue to rise, buyers could push BNB’s price above the triangle’s resistance line. The cryptocurrency’s price could rise to $596 and then to $643.

Conversely, if this bullish forecast is invalidated and downward pressure increases, BNB’s price could fall below the triangle and trade around $520. The likelihood of this happening increases considering the significant negative funding rate of the altcoin in recent weeks. According to Coinglass, the altcoin has recorded predominantly negative funding rates since April 23. As of May 15, BNB’s funding rates fell to 0.106%, the lowest level in recent months. The cryptocurrency’s funding rate was last this low in February.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 16 May, 2024 - 11:56 pm 16 May, 2024 - 11:56 pm
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