• Binance Coin [BNB] reacted positively in the past four days and gained by 20.5%.
• The daily market structure of BNB is bullish with support at $285-$292 zone.
• Spot CVD surged past February highs while Open Interest dropped, showing weakening bullish sentiment.
Overview of Binance Coin [BNB]
Binance Coin (BNB) has experienced a surge in the past four days, increasing by 20.5%. The daily market structure of BNB is bullish and there is support at $285-$292 zone. Spot CVD surged past February highs while Open Interest dropped, showing weakening bullish sentiment.
Bullish Market Structure for BNB
On the daily timeframe, the market structure for Binance Coin seemed to be bullish once more. The recent lower high at $294 was beaten during the latest reversal, but the $309-mark has posed some resistance over the past 24 hours. A strong confluence of support at $292 was formed on Technical Analysis which showed a 78,6% retracement level lay at $276.7, almost same as Value Area Low ($274.7). Moreover, price action from early March showed that the $285-$292 region was significant support on the lower timeframes. Relative Strength Index (RSI) crossed over above neutral 50-level and indicated that bullish momentum had taken root while On Balance Volume (OBV) also recorded gains which could continue higher if trend remains intact.
Spot CVD & Open Interest
The funding rate had been negative over last two days but it has since slowly climbed above into positive territory implying long positions are dominant once again in market which shows possible flip in sentiment.. At same time spot CVD underlined strong demand but Open Interest dipped over last 48 hours yet price appreciated during this time indicating weakening of bullish sentiment .
Conclusion
Longer-term buyers can wait for a retracement into the $285-$292 zone while more risk-averse traders can wait for positive reaction over three days before looking to buy and trade with trend according to data from Technical Analysis and other indicators like RSI , OBV ,Funding rate etc .