CandleFocus Binance Coin (BNB) Weekend Rally May Be Misleading, Here is Why
2024-09-09
Author: Content Editor
Binance Coin (BNB) recently broke above a descending trend line but may face a short-lived rally. The buying momentum seems weak and a successful retest of the breakout level is uncertain. BNB's declining Chaikin Money Flow (CMF) indicates weakening buying pressure and a potential correction or reversal. The negative Bull Bear Power and dominant selling pressure suggest bears are currently dominating the market. Despite this, futures traders remain optimistic with long positions, indicated by the positive funding rate. If market sentiment becomes positive and buying pressure increases, BNB could reach $522.90 and potentially rally to $600. However, a failed retest of the breakout line could lead to a drop to $468.90.
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