Key Points
- Binance Coin (BNB) has corrected 10% below its all-time high, with a slightly bearish RSI of 49.91.
- Despite the correction, rising MACD and high social dominance suggest a possible bullish rebound.
Binance Coin [BNB] hit a record high last week, but it seems the bulls are now retreating, leading to a predicted correction.
As of now, the token’s price is more than 12% below the all-time high. So, how might BNB wrap up the week?
BNB’s Current Trading Status
Looking at BNB’s 5-day chart, the RSI is slightly below the neutral 50 level at around 49.91, indicating a balanced but somewhat bearish momentum.
However, the MACD line is above both the signal line and zero, suggesting some bullish momentum is starting to form.
The current trading was near $644, significantly below the recent high, showing that the correction is fully underway.
The exponential moving average also puts the price below it, strengthening the bearish trend.
Interestingly, BNB’s social volume had a significant spike that coincides with the price drop.
BNB’s Social Dominance and Trading Volume
During high social volume periods, BNB’s dominance also spikes, indicating it remains a hot topic in crypto communities and will likely continue to be for the foreseeable future.
The trading volume for BNB derivatives has risen by 157.99%, maintaining a steady growth over the past ten days.
The Long/Short ratio across various platforms shows a dominance of long positions, especially with ratios over 1.5 on OKX and top traders on Binance.
This bias towards long positions could indicate a generally bullish sentiment among active traders.
Given the current technical setup and market sentiment, BNB may continue to see some volatility throughout the week as it attempts to find a new balance post-correction.
If the momentum holds and the broader market remains relatively bullish, the bulls might successfully surpass the all-time high of $717 by the end of Friday.
In conclusion, BNB is likely to have a rather volatile week.
