BinanceCoin [BNB] shows strong bullish momentum, but buyers can wait for...
was also bullish and noted large gains over the past couple of hours, which helped sway market sentiment in favor of the buyers.Source: BNB/USDT on TradingView
The inference was that a breakout above $330 could propel BNB to $360. However, the selling pressure ramped up and prices crashed from $320 to $290 in the span of five days. The drop below $320 showed the market structure flip to bearish.The recovery since that drop broke that bearish structure. The lower high at $320 was defeated, and it was likely that BNB will set a higher low and continue upward.
More ideally, buyers would want to see a revisit to the bullish order block at $288-$294 to buy BNB, with a stop-loss below $286. More aggressive buyers in the $300 area can set stop-losses at $297.4, targeting $350-$360 to take profit.The 30-day MVRV slumped from mid-Jan to early February even though the price pushed higher. This suggested that near-term holders had taken a profit. In early February, a large spike in the 90-day dormant circulation was witnessed.
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