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The BNB (BNB) market’s bullish start in the last 24 hours was short-lived, as bulls could not break above the 24-hour high of $329.33. Due to the inability to break through resistance, the bears took control of the market and dipped prices to $306.45, where support was established.
Because of the market’s continued bearish dominance, the BNB price was valued at $310.16, a 5.50% decrease as of press time. The recent drop in BNB’s value can be attributed to the explosive allegations made by the US regulator CFTC.
Fearing a prolonged rally, traders retreated, causing the market capitalization to fall by 5.49% to $48,969,152,041 while the 24-hour trading volume increased by 95.93% to $714,320,749.
This move suggests that investors are unsure about the market’s future direction and will likely take a wait-and-see approach before making significant investment decisions.
On the BNB 4-hour price chart, the Keltner Channel bands are moving south, indicating the negative momentum is building. As it approaches the lower band, the price action movement signals that traders should consider short positions or wait for a bounce off the lower band before establishing long bets.
If the price action breaches below the lower range, it may imply a continuation of the bearish trend. Due to this motion, traders may consider withdrawing any long holdings or buying short positions.
With a reading of -4.6, the Moving Average Convergence Divergence (MACD) has moved below its signal line and into negative territory, indicating that bearish momentum is strengthening. Traders may wait for a bullish crossing or signs before contemplating long positions.
Adding to the bearish momentum, the histogram is trending downward, indicating that selling pressure is intensifying and that traders should be cautious before entering long market positions.
Since the Chaikin Money Flow (CMF) is -0.27, the bearish momentum in the BNB market may persist in the short term, indicating that selling pressure is stronger than purchasing demand. This downward movement suggests that traders should exercise caution when considering buying BNB at this time, as the market trend is currently favoring the bears.
This CMF pattern indicates that capital is departing BNB, signaling a potential decline in demand and price. Before making any investment decisions, waiting for a more favorable market trend may be prudent.
With a score of -26.6854, the Know Sure Thing indicator implies that selling pressure will likely persist soon, and traders may wish to consider short-term positions or hedging techniques to safeguard their portfolios.
Bearish momentum continues for BNB as traders exercise caution amid uncertain market direction and increased selling pressure.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.