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Is BNB settling into another range-bound movement?

Press Releases Crypto News AMB-Crypto Is BNB settling into another range-bound movement?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

BNB could begin another range-bound movement, as bears held tightly to resistance level.
Speculators maintained a cautious approach while waiting for a clear direction in the short term.

Bulls have been able to bounce back gently from the $205 support after the bearish breakout took Binance Coin [BNB] below the range low of $225 on 17 August. However, this price bounce has stalled just below the new resistance of $225.

Read Binance Coin’s [BNB] Price Prediction 2023-24

With wavering market conditions continuing to exist, buyers cannot afford another range-bound movement, if BNB is to recover the massive Q2 losses. Meanwhile, Bitcoin [BTC] dropped by over $2,000 within 24 hours to extend its oscillating price action.

BNB could be caught up in another price range

Source: BNB/USDT on Trading View

The massive losses experienced by BNB at the start of June found some respite at the $220 – $225 price level. However, while bulls defended the level staunchly, the insufficiency of the buying pressure kept BNB in a compact range between $225 – $254 over a two-month period.

The same pattern looks to repeat itself after bears successfully flipped the $225 level to resistance. Bulls recovered from the nearby support of $205, but bears have refused to give back the resistance level quickly.

Looking into the chart, indicators showed a preference for a more bullish recovery in the short term. The Chaikin Money Flow (CMF) surged to +0.20, hinting at strong capital inflows. The Moving Average Convergence Divergence (MACD) also posted a bullish c

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Author: Suzuki Shillsalot

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