What You Need to Know:
- BNB has been resilient amid market fluctuations, maintaining a narrow trading range and staying above vital support.
- Technical indicators present a mixed outlook, showing a negative MACD alongside a potential golden cross and a positive Chaikin Money Flow.
- Increased aggressive sell pressure is indicated by ‘Net Taker Volume,’ though a surge in trading volume on Binance Smart Chain has not led to new demand for BNB.
Binance Coin (BNB) has shown remarkable endurance following a turbulent week in global financial markets, as Israel’s strikes on Iran to hinder its nuclear ambitions incited a vigorous military response. This conflict has prompted a retreat from risk assets, resulting in over $700 million in liquidations across the cryptocurrency sector within a single day, per CoinGlass. Nevertheless, BNB has retained a trading range of slightly above 1%, effectively countering a widespread pullback in altcoins.
BNB, following the sell-off, was unable to surpass $660, which remains its immediate resistance as noted by CoinDesk Research’s technical analysis. The coin has since been consolidating within a symmetrical triangle pattern.
Despite these challenges, BNB remains firmly positioned above key support at $640, coinciding with the 78.6% Fibonacci retracement level. Analysis of trading volume suggests that sellers dominate around $655.5, while a buyer base appears to form near $649.
Technical signals exhibit a mixed narrative. The Moving Average Convergence Divergence (MACD) has turned negative, with the Relative Strength Index (RSI) just below 50, indicating diminishing momentum. However, the nearing golden cross between the 50- and 200-day moving averages, along with a persistently positive Chaikin Money Flow indicator, typically forecasts potential upward reversals.
Yet, market sentiment regarding BNB is not entirely positive, with Net Taker Volume—a measure of aggressive sell pressure—reaching a multi-week low of -$197 million. Although Binance Smart Chain’s perpetual trading volume has surged significantly month-over-month, this uptick does not seem to have sparked a renewed demand for BNB. Additionally, Futures open interest remains over 30% lower than its peak in December.
