Binance Coin (BNB) recently corrected 10% below its all-time high, with a slightly bearish Relative Strength Index (RSI) of 49.91. Despite this, the Moving Average Convergence Divergence (MACD) is rising, and high social dominance suggests a possible bullish rebound. After reaching an all-time high last week, BNB prices are currently over 12% below that level. The 5-day chart shows a balanced but slightly bearish momentum, although the MACD line indicates some bullish momentum building.
Will BNB recover soon? The current trading price of BNB is around $644, indicating that the correction is in full swing. The exponential moving average also shows the price below it, reinforcing the bearish trend. A spike in BNB’s social volume coinciding with the price drop suggests ongoing interest and discussion in the crypto community. In addition, trading volume for BNB derivatives has surged by 157.99% over the past ten days, with a dominance of long positions across different platforms.
The bias towards long positions reflects a generally bullish sentiment among active traders. With the current technical setup and market sentiment, BNB may continue to experience volatility as it seeks a new equilibrium post-correction. If momentum holds and the broader market remains bullish, BNB could push past the all-time high of $717 by the end of the week. Overall, BNB is expected to have a volatile week ahead as market conditions and sentiment fluctuate.
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