• Binance Coin [BNB] has shown bullish momentum in the past few days, with a 20.5% gain over four days.
• The daily chart for BNB showed bullish structure, with support at $285-$292 and resistance at $309.
• The spot CVD has risen to new highs this month, indicating strong demand, but open interest is slightly declining.
Binance Coin Reacts Positively Over Last Few Days
Binance Coin [BNB] reacted extremely positively over the past two days of trading. The bullish euphoria over Bitcoin’s gains translated across the crypto-market and BNB gained by 20.5% within four days. A retracement before a sustained move higher up the charts remains possible too.
Daily Chart Indicates Bullish Momentum
On the daily timeframe, the market structure for Binance Coin seemed to be bullish once more. The recent lower high at $294 was beaten during the latest reversal, but the $309-mark has posed some resistance over the past 24 hours. A strong confluence of support at $292 could push prices higher soon enough.
The Volume Profile Visible Range showed that the price was right above the Point of Control, based on trading from 8 February. The POC was at $304.2, and Binance Coin seemed to be retesting it as support at the time of writing. Moreover, Fibonacci retracement levels supported buying near $276 while lower timeframes highlighted an area of interest between $285 and $292 as well. The RSI crossed over above 50 indicating bullish momentum had taken root while OBV suggested further gains were likely too .
Spot CVD Surges Past February Highs
Spot CVD surged past February highs in response to demand indicating long positions were once more dominant in the market – Signs of a possible flip in sentiment had begun to show up here too.. Open Interest saw a slight dip but this did not stop prices from appreciating which implied weakening bearish sentiment in some manner as well..
Summary & Outlook
Therefore longer-term buyers can wait for a retracement into the $285-$292 zone or risk-averse traders can wait for positive reaction over three days before looking to buy and trade with trend . Spot CVD surging past February highs indicated increased demand while RSI crossing above 50 implied bullish momentum had taken root . Open Interest might have dipped but this did not stop prices from appreciating – signifying weakening bearish sentiment too .