BNB Price Inches Up as Bulls Eye Breakout
BNB, formerly known as Binance Coin, rose 1% on Monday. This marks a strong start to the week. Traders are watching a key resistance trendline for a possible breakout. Large investors, often called whales, show more interest as BNB nears an important point. Despite this, technical signals remain neutral.
Retail Demand Stabilizes but Sellers Remain Active
After weeks of cautious trading, retail interest in BNB has steadied. BNB futures open interest dropped from $2.97 billion on October 8 to $1.39 billion on Monday. This suggests trader sentiment is improving but sideways.
- Big investors are increasing their futures order sizes, showing higher risk appetite.
- However, the Cumulative Volume Delta (CVD) shows sellers still dominate recent futures trading.
- This selling pressure could limit short-term gains.
BNB Faces Key Resistance Near $951
BNB is close to a resistance line formed by highs on October 13 and 27. This line sits near the 50-period Exponential Moving Average (EMA) on the 4-hour chart, around $951. If BNB breaks above this EMA, it could push toward the $1,000 level near the 200-period EMA.
Momentum indicators like the Relative Strength Index (RSI) stand at 49, showing less selling pressure. The Moving Average Convergence Divergence (MACD) is rising, signaling short-term bullish momentum. But if BNB fails to break resistance, it may drop to the November 5 low of $880.
