On October 15, BNB’s spot CVD experienced a spike as the cryptocurrency increased from $206 to $215. But throughout the course of the previous day, the indicator started to plummet, signalling a decline in interest in the coin.
The Greenfield Mainnet for the Binance Coin [BNB] Chain ecosystem was made available to the public on October 17. Six months of development went into the announcement. Although BNB was its native token for gas and governance, there was no positive market response to this announcement.
BNB’s Recent Rejection at $215: Bears Prevail, Bulls Await Chance,BNB’s Recent Rejection at $215: Bears Prevail, Bulls Await Chance
AMBCrypto recently released a research that showed the stasis of BNB during the previous six weeks. Though there were occasional impulsive short-term changes, there was no consistent pattern in the market. This week, this was not expected to alter.
$220 resistance zone drove back BNB bulls.
One day before to the authoring of this article, BNB’s H4 market structure underwent a bearish flip. On Tuesday, October 17, the latest higher bottom of $211.4 was broken. Furthermore, the RSI fell below neutral 50 and BNB reached a lower high of $213.9.
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This indicated a change in sentiment towards pessimism. Support is anticipated to come from the H4 bullish order block at $205 and the range bottom at $204 once again. A retest of this area would provide a chance to purchase.
The price movement makes sense. Even if the H4 structure favoured the bears, it was worthwhile to take a low-risk wager on a bounce from the $205 support zone. Should the price fall below $202, which would render the strategy moot, traders ought to exercise caution in the amount of their positions.
The Open Interest chart indicated BNB will soon see further losses.
Once again, the BNB financing rate entered negative territory, indicating bearish pressure in the futures market. With good cause, more traders were eager to short the cryptocurrency.
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Over the previous three days, the Open Interest has decreased in tandem with prices, suggesting that longs have been discouraged.
On October 15, the spot Cumulative Volume Delta (CVD) experienced a spike as BNB increased from $206 to $215. But over the previous day, the CVD started to drop, which was a sign of a drop in demand.
BNB’s Recent Rejection at $215: Bears Prevail, Bulls Await Chance,BNB’s Recent Rejection at $215: Bears Prevail, Bulls Await Chance,BNB’s Recent Rejection at $215: Bears Prevail, Bulls Await Chance, BNB Coin Crypto news, BNB Coin News