- BNB was up by more than 4% in the last seven days.
- A few metrics looked bullish, but market sentiment turned bearish.
BNB recently decoupled from the market, even as other cryptos bled. The alt’s price was rising towards a critical level at press time, which could be crucial for further northward movements in the coming days.
BNB approves a critical zone
According to CoinMarketCap, BNB was up by more than 4% in the last seven days. At the time of writing, it was trading at $317.56 with a market capitalization of over $47.49 billion.
While BNB continued to outperform the rest, its price was heading towards a key resistance zone. Crypto Tony, a popular crypto analyst, recently posted a tweet highlighting this development.
Flip into support at $355.00 and i am into a position. Just holding tight for now pic.twitter.com/ZFhhbIZRWK
— Crypto Tony (@CryptoTony__) January 20, 2024
As per the tweet, BNB was heading towards $355, and the possibility of the coin turning that resistance zone into its new support was high.
BNB’s path northward is tough
To see if BNB maintains its upward momentum and which resistance zones it might face before racing $355, AMBCrypto checked its liquidation heat map.
Our analysis of Hyblock Capital’s data revealed that BNB’s liquidation increased substantially, near $319. Additionally, there were more resistance zones in the near term, such as $322, $324, and $340.
Source: Hyblock Capital
To analyze whether BNB Chain will be able to cross these barriers, we checked its daily chart. After a sharp uptick, BNB’s Chaikin Money Flow (CMF) registered a slight downtick.
Moreover, its Bollinger Bands revealed that its price entered a less volatile zone, indicating that BNB’s price might not rise further. Nonetheless, the MACD displayed the possibility of a bullish crossover.
BNB Chain’s Relative Strength Index (RSI) also remained high, which suggested a continued price uptrend.
Source: TradingView
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It was surprising to note that despite the recent price uptick and optimistic market indicators, bearish sentiment around BNB was dominant in the market. This was evident from the massive drop in its weighted sentiment over the last seven days.
However, its Social Volume remained high, reflecting its popularity in the crypto space.
Source: Santiment
