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The editors of BeInCrypto analyzed the Binance Coin chart and made a forecast of the asset price for the near future
After breaking through the psychological resistance at $300, the price of BNB is currently hovering around $330. Binance Coin grew by 7.63% in a day, and by 21.6% in a week. Despite the weakening of the price dynamics on the hourly price chart, the overall bullish trend looks stable against the backdrop of high trading volumes. Over the past day, they have exceeded $ 2 billion.
However, the situation is close to a turning point, and here’s why:
The technical picture indicates the proximity of the correction
From a technical standpoint, there were signs of overheating on the 24-hour BNB price chart. The daily RSI was in the oversold zone, which may indicate an imminent correction.
BNB/USDT chart. Source: Trading View
In addition, the BNB price is testing the higher resistance level of $327, so the chances of a short-term pullback increase.
Traders take profit
Binance Coin on-chain metrics suggest that there has been significant profit taking at higher price levels.
Whales remain neutral
An on-chain analyst going by the pseudonym Crypto Sunmoon tweeted an observation that BNB whales are in no hurry to ramp up transactions despite price increases.
In addition, on October 31, Age consumed, which reflects the age of the coins being moved, was 860,000, while its long-term MVRV indicator, which shows the ratio of market value to realized value, was in the overheating zone.
This picture indicates that BNB’s upward momentum is waning and the bears are poised to take over. However, if they fail, the BNB bulls will try to bring the token back to $380.
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