Binance Coin [BNB] offers an attractive buying opportunity here

Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion.

  • Binance Coin noticed a pointy rejection at $300 earlier in October
  • The value has since seen some bullish response on the $260 space

Binance Coin approached an vital help zone on the value charts. The $260 mark has been important prior to now two months and noticed the value bounce the earlier week as properly. Can merchants anticipate a repeat of the identical, particularly as Bitcoin hovered above the $19k help?

Here’s AMBCrypto’s Price Prediction for Binance Coin [BNB] in 2022

Binance Coin indicators confirmed rising buying quantity, and the vary lows could be an space BNB bulls can be careful for. risk-to-reward buying opportunity may materialize. Bitcoin itself was not but bullish, therefore warning might be vital for BNB merchants within the subsequent few days.

The liquidity pocket beneath the vary lows can see a bullish response

Source: TradingView

The 12-hour chart confirmed a spread (yellow) established for Binance Coin. This vary prolonged from $260 to $300. The mid-point of this vary lay at $280 and has been a major stage of help and resistance in latest weeks.

Just beneath the vary lows lay a pocket of liquidity (cyan) the place BNB has been eagerly purchased up. Therefore, it offers merchants an space to position their bids, and in addition offers a transparent invalidation.

It was doable that BNB may deviate to $250 earlier than surging larger, to faux out the bulls and early short-sellers. Barring such mishaps, the invalidation was clear.

The RSI was beneath impartial 50 and confirmed bearish momentum for BNB at press time. On the opposite hand, the CMF was above +0.05 to point out important capital movement into the market. The A/D indicator was additionally in an uptrend. This pointed towards an accumulation part and supported the thought of buying BNB on a dip towards the $260 mark.

Active addresses are on a downtrend as common however MVRV perks up

Binance Coin offers an attractive buying opportunity despite recent losses

Source: Santiment

The lively handle depend has been on a downtrend since May 2021. Early August noticed the numbers discover some stability, however they started to dwindle but once more. Hence, the metric was not likely a shock.

The MVRV ratio, however, did present a nice shock for the bulls. It climbed again above 0% to point out 180-day holders of the coin to be in revenue, if solely barely.

More cautionary bulls would level to the MVRV’s surge in early August earlier than a pointy decline within the costs. Perhaps this time was comparable, and a downturn within the costs can seem.

Yet, primarily based on technical evaluation, there was probability that BNB’s descent to the $260 liquidity pocket would see a bounce. This bounce can attain as excessive as $280 and $300, the place bulls can look to e book a revenue.

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