BNB’s Potential Resistance Turned Support
BNB has the potential to turn the $355 resistance into a new support level, which could trigger a bull rally.
Recent Performance
Over the last seven days, BNB has shown a notable increase of more than 4%, reaching a current trading price of $317.56. The market capitalization stands at over $47.49 billion.
Despite some bullish metrics, the overall market sentiment has turned bearish recently.
Interestingly, BNB has decoupled from the broader market trends, showing resilience even as other cryptocurrencies experience losses. At the time of writing, BNB’s price is approaching a critical level that could play a significant role in its future movements.
Approaching a Critical Zone
According to CoinMarketCap, BNB’s value has increased by more than 4% in the past seven days. Currently, it is trading at $317.56, with a market capitalization exceeding $47.49 billion.
Crypto analyst Crypto Tony highlighted in a recent tweet that BNB is heading towards a crucial resistance level of $355. There is a high possibility that BNB could turn this resistance zone into a new support level.
Challenges in BNB’s Northward Movement
To assess BNB’s upward momentum and identify potential resistance zones before reaching $355, AMBCrypto examined its liquidation heat map.
Analysis of Hyblock Capital’s data indicates a substantial increase in BNB’s liquidation near $319. Additional resistance zones in the near term include $322, $324, and $340.
Checking the daily chart, BNB’s Chaikin Money Flow (CMF) experienced a slight downtick after a sharp uptick. Although Bollinger Bands suggest decreased volatility, the MACD indicates the possibility of a bullish crossover.
Despite positive market indicators, bearish sentiment persists, as evident from the significant drop in BNB’s weighted sentiment over the last seven days.
Surprisingly, BNB’s Social Volume remains high, reflecting its continued popularity in the crypto space.
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