Binance Coin (BNB) is trading around $653 after experiencing a minor drop in the past day. The coin is under minor pressure, but the overall picture remained stable in the past week. The analysts observed that the price is respecting the key channel support level.
As of writing, Binance Coin (BNB) is trading at $653, showing a 0.88% decline in a day. The trading volume currently stands at $1.55 billion, down 26.58%. Over the last week, the BNB coin price has gone up by 4.8%, according to CoinMarketCap.
Source: CoinMarketCap
BNB Tests Midline Support in Ascending Channel
Crypto analyst Jonathan Carter has highlighted a technical development that is forming on the chart. According to the analyst, BNB is trying to bounce from the middle line of an ascending channel. The structure has been dominant for an extended period.
Carter has indicated that there are signs of defensive buying at an important support zone. It seems like traders are defending the middle line of the channel. The analyst indicated that the channel structure remains firm.
The overall bullish picture remains in place for now. The analyst has mentioned several price targets if the channel structure remains intact. The targets include $950, $1,400, $1,800, $2,500, and $4,500.
Source: X
Volume and Open Interest Fall
According to CoinGlass data, the trading volume has decreased by 52.12% to $622.04 million. Less volume often reflects reduced short-term speculative activity across the derivatives market.
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The open interest has reduced by 3.97% to $997.95 million. The OI-weighted funding rate is at 0.0002%, showing that the market is balanced with regard to sentiment among long and short positions.
Source: CoinGlass
Liquidations have remained low over the past day. In the last 24 hours, the total liquidations amount to $108.17K. Long positions were at $93.43K, while short positions totaled $14.74K.
Source: CoinGlass
RSI and MACD Signal Neutral Momentum
The Relative Strength Index (RSI) was at 52.55, and the moving average was at 47.59. These figures placed the RSI slightly above the midpoint.
The Moving Average Convergence Divergence (MACD) indicator provided current readings. The MACD histogram is at 7.82. The MACD line reads at -3.83, and the signal line is at -11.66.
Source: TradingView
The BNB is currently being tested for whether it can hold support within the channel structure. Future movements may depend on whether buying continues at this level. Traders remain focused on the technical levels identified by analysts.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Binance Coin (BNB) Could Surge to $660 if $585 Support Holds Strong
