After hitting an all-time high last week, it seems that Binance Coin [BNB] bulls are taking a step back
Binance Coin Taking a look at BNB’s 5-day chart, we see the RSI is currently just below the neutral 50 level at around 49.91, suggesting a balanced but slightly bearish momentum.
However, the MACD line is above the signal line and above zero, suggesting some bullish momentum is starting to build.Current trading was close to $644, well below the recent high, indicating the correction is in full swing. However, the exponential moving average also shows the price below it, reinforcing the bearish trend.
The Long/Short ratio across different platforms shows a dominance of long positions, particularly with ratios over 1.5 on OKX and top traders on Binance.This bias towards long positions can reflect a generally bullish sentiment among active traders. Considering the current technical setup and market sentiment, BNB may continue to experience some level of volatility throughout the week as it seeks to find a new equilibrium post-correction.If the momentum holds and the broader market stays relatively bullish, the bulls will likely successfully push past the all-time high of $717 by the end of Friday.Jai Hamid works as a freelancer cryptocurrency journalist, specializing in blockchain technology.
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