• Binance Coin [BNB] reacted extremely positively over the past two days of trading, gaining by 20.5% within four days.
• The daily market structure has turned bullish, with a retracement before a sustained move higher up the charts remaining possible.
• Spot CVD surges past February highs in response to demand and the funding rate has slowly climbed above into positive territory indicating long positions are dominant in the market.
Positive Price Movement for Binance Coin [BNB]
Binance Coin [BNB] reacted extremely positively over the past two days of trading, gaining by 20.5% within four days. A pullback as deep as $290 remains a possibility though. 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.
Point of Control & Value Area High & Low
A strong confluence of support at $292 was found on TradingView’s Volume Profile Visible Range (VPVR). The Point of Control (POC) was at $304.2, and Binance Coin 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, suggesting that buyers will be interested in these levels if there is a retracement before a sustained move higher up the charts occurs .
Funding Rate & Open Interest
The funding rate had been negative over the last two days, but it has since slowly climbed above into positive territory indicating long positions are dominant in the market – Signs of a possible flip in sentiment.. Moreover, spot CVD surged past February highs underlining strong demand for BNB tokens yet Open Interest dipped slightly over he last 48 hours despite prices appreciating during this time; evidence that bullish momentum may have weakened somewhat .
Strategy for Longer-Term Buyers
Therefore longer-term buyers can wait for a retracement into thee $285-$292 zone while more risk-averse traders can wait for a positive reaction over three days before looking to buy and trade with trend.. Furthermore Fibonacci Retracements levels draw out further important support areas based on thee surge seen in early March which could be used to enter into trades when buying opportunities arise .
Conclusion
In conclusion , Binance Coin seems to be undergoing bullish momentum with signs pointing toward an overall uptrend however pullbacks remain possible so traders should exercise caution when entering trades or making investments..
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