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Home»Altcoins»Binance coin [BNB] bears remain undaunted, will the coin succumb or resist?
Altcoins

Binance coin [BNB] bears remain undaunted, will the coin succumb or resist?

2023-05-06No Comments3 Mins Read
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  • Traders remained confident in shorting BNB.
  • The trajectory of the coin could remain in consolidation for now.

The growth of Binance coin [BNB] in the last 30 days was minimal, with an increase of 4.07% within the period. But this could be a sign of strength, especially as the broader market has faced a period that was the opposite of Q1 performance.


Is your wallet green? Check the Profit Calculator Binance Coin


Despite this, a large number of traders seem confident in a further BNB decline, the financing rate. According to Santiment, the funding rate in perpetual futures contracts tied to the currency has been negative since April 21.

Eliminate the overconfident

When the funding rate is negative, it means shorts were willing to pay longs to keep the bearish position open. The opposite happens with a positive financing rate.

BNB financing rate

Source: Sentiment

At the time of writing, the BNB’s funding rate was -0.007. This implied that bearish sentiment was erupting from the highs of the previous weeks. Still, traders who expected the price of the underlying asset to fall outweighed those with a more optimistic view.

however, the expectations of these traders were caught between reality and fantasy. Short contracts in particular were the most liquidated on April 30. But since then there has not been such a large outage.

According to Coinglass, liquidations rose to $330,000 in the past 24 hours. While shorts suffered the most on May 5, longs have taken over at the time of writing. If this continues, the bearish expectations could be met.

BNB liquidations

Source: Coinglass

But will BNB succumb to traders’ projections on its price action? Based on the daily chart, the Direction Movement Index (DMI) suggested a possible near-term consolidation.

See also  Ethereum Multi-Year Consolidation can start a parabolic move details

Open options in red

At the time of writing, the +DMI (green) was 21.87 while the -DMI (red) was 14.03. This means buyers have some kind of control above sellers. However, the Average Directional Index (ADX) was 22.56.

Positioned below 25, the ADX (yellow) indicated that there was no solid force behind the positive direction. In case the indicator was higher than the aforementioned value, it could set the pace for an uptrend.

The Awesome Oscillator (AO) further indicated that both bullish and bearish forces were battling to boost the coin’s momentum.

Nevertheless, there were some signs of a bearish twin peak. This happens when two peaks are made of green bars and another set of red bars follows.

BNB price action

Source: TradingView


Read Binance Coins [BNB] Price prediction 2023-2024


Once again BNB showed how it has established its strength. On May 5, the Security Department of the United States Department of Justice (DOJ) reported that it was to research the exchange.

Typically, such developments have a negative effect on assets. But according to CoinMarketCap, the $324 price hasn’t fluctuated much since the public announcement.

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Bears Binance BNB Coin remain resist succumb undaunted
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