Binance Coin (BNB) is at a crossroads as market realities collide with Binance CEO Richard Teng’s bullish outlook. Lately, BNB has had a sharp pullback after it reached nearly $722 when the price of Bitcoin was around $72,000. However, Teng is still optimistic about his forecast that BNB could reach $847 by the end of the year.
At the time of writing, BNB is at $589.26, with a 0.52% increase in the last 24 hours. The trading volume for the last 24 hours is $1,377,259,451. This shows that there is a constant demand and market presence from traders in the market. The current trading levels are still around $644, which is still below the recent highs, meaning that the correction phase is still in progress.
Binance Coin Trades Below EMA, Indicates Possible Reversal
Binance coin is located below EMA and has some signals of the beginning of a recovery. The 4-hour chart further indicates that the BNB price is still below the EMA, which supports the bearish outlook. The MACD indicator is also indicating a possible recovery as the MACD line is approaching the signal line. However, the Relative Strength Index (RSI) at 47.43 is considered to be neutral, which means that the market is not overbought or oversold.
The social volume for BNB has increased sharply, which is in line with the current price decline. In these periods, BNB also gains more attention in social media platforms, which shows that BNB is still popular and active in the crypto space. The trading volume for BNB derivatives has increased by 157.99% over the past ten days, which indicates that there is increasing interest in leveraged trading.
Coinglass has provided the Long/Short ratio across different platforms, and it reveals that long positions are dominant, especially when the ratio is above 1.5 on OKX and top traders on Binance. This preference for going long is indicative of an overall bullish sentiment among active traders, even after the recent pullback.
Market Sentiment and Future Prospects of Binance Coin
Taking into account the current technical situation and the general mood in the market, BNB may remain rather volatile as it looks for a new level after the correction. If the trend continues and the overall market stays somewhat bullish, BNB could surpass its all-time high of $717. Richard Teng’s optimistic target of $847 by year-end is based on sustaining this upward trend and breaking barriers of key resistance levels.
