Binance Coin: How buyers can leverage BNB’s volatility to remain profitable

BinanceCoin: How buyers can leverage BNB's volatility to remain profitable

The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.On the other hand, the crypto’s social dominance and funding rates marked a decline.regained bullish momentum to test its 11-month trendline support .Following the footsteps of the king coin and most altcoins, BNB struggled to break into a high volatility phase until recently.

The resulting outcome would expose the alt to a potential test of the $316 mark. A close below this mark can induce further losses. Alternatively, a likely bounce-back from this support can set the stage for a reversal rally. Any potential rebound above the $329 ceiling could see its first major testing level at the $355 region.The Relative Strength Index entered the overbought region and hinted at a possibility of a reversal in the coming sessions.Over the past two days, BNB’s social dominance marked a sharp plunge. Empirically, the price action has been quite sensitive to this metric.

To top it up, an analysis of the BNB Funding rates marked a robust plunge over the last two days. This reading suggested a slight bearish inclination in the futures market. Finally, investors/traders must keep a close eye on Bitcoin’s movement as BNB shares a relatively high correlation with the king coin.Subscribe to get it daily in your inbox.

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