BNB Gains 20% in 4 Days: Time to Buy or Wait for a Pullback?
• Binance Coin [BNB] reacted positively to Bitcoin’s gains with a 20.5% surge over the past four days.
• A retracement before a sustained move higher up the charts remains possible and there is strong support at $285-$292.
• Demand for the coin has been surging, with spot CVD passing February highs and funding rate climbing into positive territory.
Binance Coin Continues Bullish Rally
Binance Coin [BNB] reacted extremely positively over the past two days of trading, gaining by 20.5% within four days as euphoria of Bitcoin’s gains translated across the crypto-market. The daily market structure has turned bullish, although a pullback as deep as $290 remains a possibility.
On the daily timeframe, the market structure for Binance Coin seemed to be bullish once more. The recent lower high at $294 was beaten during the latest reversal, but the $309-mark has posed some resistance over the past 24 hours. The Volume Profile Visible Range showed that price was right above Point of Control (at $304) and Value Area High/Low were found at $322/$274 respectively – suggesting long-term buyers can wait for a retracement into this zone ($285-$292). Moreover, RSI crossed above 50 indicating bullish momentum had taken root while OBV also recorded gains.
Spot CVD Surge
The demand for Binance Coin had been rising, with spot CVD passing February highs in response to demand while funding rate slowly climbed into positive territory implying long positions are dominant in the market again — Signs of a possible flip in sentiment. However Open Interest dipped over last 48 hours contradicting price action which means weakening bullish pressure.
In conclusion longer-term buyers can wait for a retracement into $285-$292 zone while more risk-averse traders can wait for positive reaction over three days before looking to buy and trade with trend accordingly .