Why BNB price could see a 15% divergence.
In recent days, the price of Binance Coin (BNB) has moved sideways, indicating that neither buyers nor sellers have enough motivation to drive a clear direction.
However, the improvement in a key technical indicator suggests that a bullish divergence is emerging. A segment of the BNB market is anticipating an upward crash and has started to rally altcoins in preparation.
Binance Coin stock continues to rally despite price consolidation.
Between September 6 and 12, BNB price moved higher in an attempt to break the long-term support created by the $560 price level. But this attempt failed and the coin price moved sideways without a strong up or down move.
Interestingly, when BNB consolidated regionally, its Chaikin Money Flow (CMF), which measures the flow of money into and out of the asset, came out with a significant difference.
This difference occurs when the price of an asset moves sideways as the CMF increases. Although it is not yet clear on the price, it indicates that the buying pressure of the property is increasing.
Read More: Binance Coin (BNB) Price Prediction 2024/2025/2030
It can be explained that the asset is bought by “smart money”, which assumes that the price will go higher once it has strengthened enough.
BNB's positive long/short ratio confirms its strong bias towards the altcoin. As of this writing, this ratio, which measures investor sentiment, stands at 1.04.
This shows that many traders are taking long positions and expect prices to rise.
BNB Price Prediction: Why a break above $598 is important.
If these long positions succeed and BNB breaks out of its sideways pattern, the price may break above $560 and look for a key resistance level based on $598 from July. BNB has since attempted this objection three times, failing to pass each attempt.
If this retest succeeds, the coin could reach a three-month high of $645.90.
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However, if the price of BNB breaks out of the bearish consolidation, the price will drop to support at $468.90, which will miss the price of the above bullish forecast.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions. Please note that our terms and conditions, privacy policies and disclaimers have been updated.
