register notable gains as well. More impressively, the bulls drove prices above $314, where they had struggled over the past week.Liquidity rests where a large number of stop-loss orders lie. In the past ten days, the $300-$315 has served as resistance, just as it did in late November. This changed in the past 24 hours of trading when BNB could push higher to reach $323.5.
At the time of writing, the lower timeframes noted a drop from $323 to $314. This could be a bullish retest of former resistance, and Binance Coin can continue to climb higher. The CMF was above +0.05 throughout January, which showed significant capital flow into the market. The RSI also noted strong bullish momentum, but would form a bearish divergence soon.
Such a divergence need not indicate a reversal of the uptrend- rather, it could be the first sign of a pullback toward $300. Hence, buyers can wait for a foray into the $300-$310 area to buy BNB. A daily session close below $298 would shift the structure to a bearish bias. Therefore, this can be an invalidation for BNB buyers in the $300 zone.There was a sharp drop in the MVRV ratio and the mean coin age on 17 January.
Since then, the mean coin age has ticked upward to show a network-wide accumulation. The MVRV ratio was also reset, although not entirely.Based on the technical and on-chain metrics, BNB holders can look to book profits, thereby seeing the coin drop toward $300. However, the market structure was bullish, and buying pressure was witnessed. After $300-$315, the next significant resistance lies at $350.
Thus, there is a good chance that Binance Coin could climb to those heights, so long as Bitcoin does not fall beneath the $22k mark.Subscribe to get it daily in your inbox.
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