Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. BNB witnessed an expected up-channel breakdown The altcoin could find reliable rebounding grounds. Funding rates and Open Interest displayed a slight bearish edge Since dropping towards its 16-month low in mid-June, Binance coin [BNB] has […]
The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.Funding rates and Open Interest displayed a slight bearish edgehas clawed back to reclaim the $261-baseline. The altcoin traversed within the constraints of this baseline alongside the $296-ceiling for nearly six weeks.Owing to several uncertain macroeconomic factors, BNB, like most altcoins, struggled to break into a high volatility phase over the last month.
While the alt undertook a sideways track over the last month, the $261-$296 oscillation range has exhibited reliable rebounding tendencies. As a result, the recent reversal from its immediate ceiling evoked an evening star candlestick pattern, one that propelled an up-channel breakdown. The resulting bearish outcome would expose the alt to a potential test of the $261-$268 range. To reaffirm this outcome, bears would need to sustain a position below the 20/50 EMA.
To enter a long position, however, the buyers must wait for a rebound above the EMAs or the long-term baseline in the coming sessions.An analysis of the latest funding rates revealed a rather mixed sentiment. On Binance, they stood at equilibrium and did not flash a preference for either the bearish or the bullish side. Four other exchanges including Huobi and FTX revealed a negative funding rate at press time.
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