Binance Coin (BNB) is also stabilising, although it has recently retreated, and it is currently holding up strongly around a support zone that has proven to be an important pivot point during past market reversals.
A well-known market analyst, CryptoPulse, pointed to Binance and said it is “setting up something clean,” hinting at the $870-$873 support zone as a zone to pay attention to. This is a zone that has been tested several times before, so it is very significant for people planning their next move.
Wait for Binance to respect levels above $873, look for indicators of strength, and then target a potential retest of the highs. As pointed out, the increase in on-chain data and ecosystem expansion indicates it is a level deserving of attention.
At the time of writing, BNB is trading at $903.02, supported by a 24-hour trading volume of $2.10 billion and a market capitalisation of $124.19 billion. The BNB has slipped 1.48% over the last 24 hours, but analysts say the current setup may be preparing the ground for the next major move.
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BNB is yet to establish equilibrium following the decline it recently faced. The RSI value at 50.31 is showing neutrality, which is not characterised by either buying pressure or selling pressure. In the past, the RSI reached a high of approximately 63.12, which indicated a weakening of upward strength.
The price is also hovering close to the levels of the MA Ribbon, and the 20-week SMA of $959.47 has proved to be a strong barrier, which BNB has not been able to overcome yet. At the same time, the 50-week SMA of $768.91 is also working to prevent a negative trend.
The MACD also indicates the slowdown trend. MACD is currently at 54.33, moving towards the signal line at 85.47, and the histogram is remaining below zero. This also indicates the dominance of the bears on the chart. As long as MACD is not showing an indication of turning upwards, BNB is also expected to exhibit a sideways movement, resistant to any upward pressure.
The future price movements of BNB, at least in the near term, are likely to be controlled by the extent to which it is able to hold on to the support levels between $870 and $873. If it can stick to the levels and indicate some sort of strength, it could soon move towards the recent high levels.
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