CandleFocus Binance Coin (BNB) Breaks Key Resistance But Buyers Step Back
2024-09-12
Author: Content Editor
Binance Coin (BNB) recently broke above a significant resistance level at its 20-day exponential moving average (EMA), but weakening buying pressure suggests that it may fail to maintain its gains. The coin's Chaikin Money Flow (CMF) indicator has been trending downward, indicating a lack of significant buying volume. Additionally, the coin's weighted sentiment is currently negative, indicating a prevailing negative outlook among market participants. If BNB fails to hold the 20-day EMA level, it could drop towards $400. However, if new demand emerges, it could push the price towards $589.90, invalidating the bearish projections.
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