BNB Trades Under the Significant Barrier of $675: The price is still caught between a key support level, but the chances of breaking out are accumulating.
Volatility and volume are subdued: there is little intraday strength and participation, which is a sign of indecisiveness and consolidation.
Trend Continuation Breakout Required: A solid move towards the north of $675 may open up the next phase of the wider rally.
BNB/USD ranked staircase heritage region near the resistance of $675 and is currently in a structured congestion zone. Past challenges that have been phased out above this price amount to a stiff technical hurdle. Mid- to long-term price action indicates the gradual changing of lower lows, which can be interpreted as a sign of a possibly bullish structure. Failure to break through the 675-dollar mark, however, has put the market on a holding pattern.
The existing arrangement on the candlestick chart indicates a lower volatility level, where the movement of the price is getting narrower. BNB Technical compression is usually a sign of a market that is waiting to take a directional move. The $675 level has caught the eye of traders since a confirmed break above that point may legitimize a further extension of the overall uptrend that began earlier this year.
Intraday Behavior Reflects Consolidation and Low Momentum
The June 21 intraday chart provides additional insight into market sentiment. The difference between the highest and lowest point during the trading day was minimal because BNB started at 643.28 and ended the session at the same amount at the end. The high and the low of the session were at around $644 and less than $641, respectively, showing a tight range. The Moving Average Deviation (MA Dev) stood a little bit negative at -0.14, further justifying the very low deviation of the price from the short-term average and the lack of major directional movement.
Source: Yahoo finance
The volume levels during the session were also depressed, an indication of less trading and trading in limbo. Several low-volume bids to correct the minor price drops could be noticed, yet they were not strong enough to drive the price out of the range. This week of dull action encourages the trend of continued consolidation as the market players are not putting themselves in confrontation.
Breakout Confirmation is the Key to Market Outlooks.
The larger market complex is still characterized by a neutral-to-bullish bend, provided that higher lows are kept intact. Another positive gain of above $675 is needed to encourage buyers and show a more decisive swing towards the bullish move. The price activity will most probably be restricted in the existing band until the.
Participants in the market are on the lookout to see any breakout triggers or volume changes that would signal a change in trend.
<p>The post BNB Price Coils Near Critical Zone as Market Awaits Directional Shift first appeared on Coin Crypto Newz.</p>
