BNB Reacts Bullishly, Could Retrace Before Sustained Move Higher

• Binance Coin [BNB] had a bullish rally of 20.5% over the past four days.
• The daily market structure for Binance Coin is now bullish, with strong support at $292 and resistance at $309.
• Spot CVD surged past February highs due to increased demand, while Open Interest dropped in the last 48 hours.

Binance Coin [BNB] Gains 20.5% in Four Days

Binance Coin [BNB] reacted positively over the past four days of trading, recording a gain of 20.5%. On the daily chart, the market structure has turned bullish, with strong confluence of support at $292 and resistance at $309-mark. A pullback as deep as $290 remains a possibility though.

Volume Profile Visible Range

The Volume Profile Visible Range showed that the price was right above the Point of Control (POC), based on trading from 8 February. The POC was found at $304.2, and BNB seemed to be retesting it as support at the time of writing. The Value Area High and Low were found at $322.8 and $274.7 respectively, making these two levels areas where buyers will be interested in buying into BNB for long-term gains or short-term profits depending on their risk appetite or investment goals. A set of Fibonacci retracement levels (yellow) were also drawn based on this surge which showed that 78,6% retracement level laid at 276$, very close to VAL low value point of 274$.

Technical Indicators

The RSI crossed over above neutral 50 level indicating that bullish momentum has taken root while OBV had also recorded gains which could be seen pushing higher in near future too indicating further strength in prices ahead if bulls keep up their strength in times ahead too making way for further gains/bullishness ahead too if bulls continue to dominate charts/market structure going forward too..

Funding Rate & CVD

The funding rate had been negative over the last two days but has since slowly climbed back into positive territory implying that long positions are once more dominant in market showing signs of possible flip in sentiment .Spot CVD underlined strong demand but Open Interest dropped slightly over last 48 hours still prices have appreciated during this period showing weakening bull sentiment/pressure ahead even though spot cvd surged past february highs due to increased demand recently too making way for small dips/pullbacks before moving higher up again soon enough too if bulls maintain their strength going forward too!


Overall 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/trade with trend further showing further potential upside/gains ahead if all technicals plays out perfectly according to current scenario in minds if investors!