BNB Price Action Targets $604 Range High

Binance Coin [BNB] bulls have targeted a move toward the range high of $604 after a slump to $471 in the first week of September. The buyers have shown resolve in their defense of the demand zone at the local lows, and the lower timeframe market structure is in favor of the buyers.

Mixed Technical Signals, Slow Upward Momentum

The technical indicators give mixed signals, with the MACD forming a bullish crossover to signal upward momentum gaining strength, but the OBV failing to clear local highs. Additionally, the trading volume remains muted, suggesting the chances of a strong BNB rally are low.

Futures Market Sentiment Bearish Despite Support

The recent drop in Open Interest (OI) suggests short-term sentiment was bearish, despite the mid-range resistance now serving as support. The psychological $550 level is in a bullish grasp, but the buying pressure needs to become steadier to promise a breakout.

Cautious Outlook, Gradual Gains Expected

While BNB could slowly push toward the $604 range high, the technical indicators suggest the buying pressure may not be strong enough for a significant breakout just yet. Investors should remain cautious and expect gradual gains in the coming days.

Source: https://ambcrypto.com/bnb-bulls-eye-604-but-technical-indicators-suggest/

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