After having recorded a performance of more than 44 %, BNB suffered a decline questioning its upward dynamics. Discover Elyfe's analysis to decipher the technical perspectives of the BNB.
BNB course situation
After scoring a new summit at $ 725, the BNB course sparked a seller's interest, causing a withdrawal of 44 %. This lower movement led cryptocurrency up to $ 403, a new buyer interest has manifested itself, allowing BNB to reintegrate the support area around $ 470.
Subsequently, the asset consolidated in the form of an ascending triangle. The bullish release of this technical structure sparked a new phase of BNB expansion, which then marked a new ATH at $ 794.
However, this upward dynamic did not last. The price of the BNB started a withdrawal, initially finding a support around $ 650. Despite an attempted rebound at this level, selling pressure on the cryptocurrency market has caused a continuation of the decline.
The BNB thus tested a first support at $ 508, before making a second rebound around $ 560. It was then that a new buyer interest has manifested itself, propelling the price towards the resistance of $ 740. Nevertheless, the asset has once again failed to cross this threshold, thus engaging a new corrective phase.
At the time of writing, the BNB is negotiated around $ 630. In the short and medium term, the trend remains down, as evidenced by SMA 50 and the VWAP, both located above the current course. However, it is important to note that the background trend remains upward, supported by the Mobile 200 average. In addition, cryptocurrency evolves above a significant value area, suggesting persistent buying pressure.
Unsurprisingly, the bruising dynamic of the BNB has slightly weakened since its last rebound. This loss of momentum is reflected not only in the price, but also in the technical oscillators, which display a slight retracement.
Current technical analysis was carried out in collaboration with Elyfeinvestor and popularizer in the cryptocurrency market.
Zoom on derivatives (BNB/USDT)
In recent weeks, we have observed a simultaneous increase in open interest and the underlying course, signaling growing interest in BNB/USDT perpetual contracts.
However, the downward recovery of the BNB has resulted in a decrease in open interest, suggesting a progressive abolition of speculative positions.
The drop in CVD has accelerated, signaling a dominance of the selling orders in progress. At the same time, the negative financing rate confirms persistent sales pressure on BNB/USDT contracts. This dynamic reflects a return of the aggressiveness of the sellers on the BNB, increasing the risk of continuing withdrawal if no reversal of buying flows manifests itself.
BNB drops led to slight liquidations of buying positions after the break of the $ 630 support. These liquidations reflect increased selling pressure and marked volatility on cryptocurrency, weakening the buying dynamics.
The thermal card of liquidations of BNB/USDT perpetual contracts reveals that the cryptocurrency has crossed a marked liquidation zone, identified around $ 620. However, this does not seem to have triggered significant orders impacting its course.
Now the key liquidation zones are on both sides of the current course:
- Above, a first liquidation zone is identified around $ 700, followed by a much larger area, between $ 730 and $ 770. Even higher, the $ 800 area is a significant level.
- Below, the liquidations are not really apparent. However, a more subtle area highlights the levels of $ 584, $ 565 and $ 539.
These thresholds constitute major inflection points for the market. An approach to the price to these levels could lead to the massive activation of orders, thus playing a key role in the next movements, depending on the dynamics of supply and demand.
Forecasts for the BNB course
- If the BNB manages to maintain itself above $ 590, a recovery could allow it to reintegrate the $ 685 area, thus opening the way to the resistance of $ 740. Overcoming this threshold could then promote a return to $ 760, then to its ATH at $ 794, which would represent an increase of approximately 27 %.
- Conversely, if the BNB fails to preserve the $ 590 threshold, it could find a support around $ 560. A break in this level could cause new correction to the $ 470 zone, or even in the worst scenarios, up to $ 403. This would correspond to a drop of approximately 36 %.
Conclusion
The BNB oscillates between increases and corrections. After a summit, the selling pressure caused a significant withdrawal, followed by a rebound that fueled new bullish impetus. However, this momentum was not durable, resulting in a new corrective phase. Currently, the short-term trend remains under pressure despite buying buyer support in the background. Future evolution will depend on market ability to maintain a positive dynamic. In this context, it will be essential to closely monitor the reaction of prices at strategic levels in order to confirm or adjust current forecasts.
Finally, remember that these analyzes are based solely on technical criteria, and that the course of cryptocurrencies can evolve quickly according to other more fundamental factors.
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