BNB Defies Bearish Trend, Targets $355 Amid High Social Interest
BNB with 4% Growth in 7 Days – Is $350 the Next Target?
BNB, the native cryptocurrency of the Binance platform, has seen an increase of more than 4% in the last seven days. Some indicators seemed bullish, but the market sentiment has turned bearish. BNB has recently decoupled from the market, even as other cryptocurrencies recorded losses. The altcoin’s price is currently rising to a critical level that could be crucial for further upward movements in the coming days.
BNB Reaches a Critical Zone
According to CoinMarketCap, BNB has risen by more than 4% in the last seven days. At the time of publication, the price was $317.56 with a market capitalization of over $47.49 billion. While BNB continues to outperform the rest, the price is moving towards a key resistance zone. Crypto Tony, a popular crypto analyst, recently tweeted about this development. According to the tweet, BNB is moving towards $355, and the likelihood of the coin converting this resistance zone into its new support is high.
The Path North is Difficult for BNB
To see if BNB maintains its upward trend and what resistance zones it could overcome before reaching $355, AMBCrypto reviewed its liquidation heatmap. Our analysis of data from Hyblock Capital revealed that BNB liquidation has significantly increased near $319. In addition, there were further resistance zones in the near future, such as $322, $324, and $340.
BNB Chain and the Hurdles
To analyze whether the BNB Chain can overcome these barriers, we reviewed its daily chart. After a strong increase, BNB’s Chaikin Money Flow (CMF) recorded a slight decline. In addition, its Bollinger Bands showed that its price has entered a less volatile zone, suggesting that the price of BNB may not continue to rise. However, the MACD showed the possibility of a bullish crossover. The Relative Strength Index (RSI) of the BNB Chain also remained high, indicating a continued price uptrend.
Market Sentiment Around BNB
It is surprising to note that despite the recent price increase and bullish market indicators, the bearish sentiment around BNB prevails in the market. This was evident from the massive decline in its weighted sentiment over the last seven days. However, its social volume remained high, reflecting its popularity in the crypto space.
Sources: CoinMarketCap, AMBCrypto, Hyblock Capital, TradingView, Santiment