CandleFocus BNB Price Rally Threatened by 3-Month High in Investor Outflows
2024-10-11
Author: Content Editor
The cryptocurrency BNB has been struggling to break key resistance levels of $606 and $618 for the past two months, leading to a bearish sentiment among investors. The Chaikin Money Flow (CMF) is at a three-month low, indicating low investor confidence and a lack of buying pressure. This has resulted in investors pulling out their funds from BNB, contributing to a further decline in price. Market sentiment remains bearish, with traders placing short contracts and betting on a price drop. However, despite the bearish sentiment, BNB has been in an uptrend since September and is currently holding a support level. If it loses this support, it could see a drawdown to the $533 level. On the other hand, if it bounces off the support, it could rally towards $606.
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