reached highs not seen since January 2022. The breakout from the $325 range saw BNB post 99.5% gains in 31 days. At press time, the market structure on the one-day timeframe was bullish.
BNB retraced some of its recent gains but bounced quickly from the psychological $500 level. Yet, some indicators suggested that a deeper retracement was possible.The retracement from $645 to $500 took four days to complete. This dip saw prices retest the 50% Fibonacci retracement level, plotted from the swing low at $356.1.While prices bounded higher, the trading volume trended downward. This was seen on the OBV as well as the trading volume bars.
While these are levels of interest in the coming days, the trend remained biased bullishly. If we see another BNB dip to the golden pocket at $418-$466, it would present a buying opportunity. Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Akashnath is a Chemical Engineering graduate deeply fascinated by Technical Analysis and the crypto markets and enjoys studying price movements and trying to find patterns.Subscribe to get it daily in your inbox.