Is BNB’s breakout signaling a shift in trend?

  • Exciting News Alert!
  • The Latest BNB Update Will Surprise You!

 Breaking News: Binance Coin [BNB] has broken through the upper line of its horizontal channel on 3rd June, indicating a significant increase in buying activity. 

When an asset remains within a horizontal channel, it shows a consolidation of its price within a specific range over time. This occurs when there is a balance between buyers and sellers.

The channel consists of an upper resistance line and a lower support line. BNB has met resistance at $636.9 and support at $508.6. 

By surpassing the upper line of the horizontal channel, where it has been trading since 13th March, BNB has overcome a significant resistance level.

What’s Next for BNB?

Let’s delve into some key technical indicators for BNB on a one-day chart. The analysis reveals a renewed bullish sentiment towards the cryptocurrency.

For instance, the Relative Strength Index (RSI) has climbed to 65.54, indicating a surge in buying pressure. This implies that investors are more inclined to accumulate BNB rather than sell it off. 

Moreover, BNB’s positive Chaikin Money Flow (CMF) confirms the increased demand for the altcoin. A positive CMF value above zero suggests market strength and a flow of capital into the BNB market. 

As of now, BNB’s CMF stands at 0.12. 

Additionally, assessments from the Moving Average Convergence/Divergence (MACD) indicator display a bullish crossover between the MACD line (orange) and the signal line (orange) on 3 June. 

This crossover indicates that BNB’s short-term average has surpassed its long-term average, a bullish signal prompting traders to consider long positions. 

BNB 1-Day Chart

Source: BNB/USDT on TradingView

Confirming the current bullish trend, BNB’s funding rate across cryptocurrency exchanges was positive as of this moment. The funding rate has remained positive since 21st May, following a period of predominantly negative rates in May. 

BNB Funding RateBNB Funding Rate

Source: Coinglass

Exciting Insights: Discover BNB’s Market Cap in BTC Terms

Funding rates play a crucial role in perpetual futures contracts by maintaining price proximity to the spot price. 

An increase in funding rates signals a strong preference for long positions, typically viewed as a bullish indicator. 

Next: Find Out if Bitcoin is gearing up for a remarkable surge with these market indicators!

🚀 Ailtra Crypto Bot Earned $13.4M Million in 11 Months with 0% Loss!

🚀 Ailtra generated $13.4M in 11 months only!

Unlock 15-55% Monthly Returns & Get $100 FREE!

Meet Ailtra Bot! Launching on 15th Aug: an AI Crypto Bot boasting 15%-55% monthly gains and $13.4M earnings in 11 months. 💸Secure a FREE $100 bonus and up to $20K potential via referrals every month. 🎉Only 1,500 spots are available in first phase – claim yours fast! 🔥

Ailtra.ai will not disclose your account information to any 3rd parties.