price was consolidating in a symmetrical triangle after 31 March, before breaking out on 24 May. The price then surged by 22.44% to hit its all-time high, before a pullback to retest the $593-support level. Owing to this pullback, it’s worth looking at when bullish momentum is likely to return to the altcoin’s market.
50-day and 100-day exponential moving averages stood around the $607.5 and $563.2 support levels, respectively. That being said, it’s worth looking at the altcoin’s charts with caution. With BNB trading above its support levels, the altcoins’s indicators could be key. The Stochastic RSI, for instance, had a reading of 6.10 – A sign that BNB may be in an oversold zone, vulnerable to a likely price reversal before any major price hikes.AMBCrypto’s analysis of whale activity on Santiment revealed a positive ascending trend on the charts.
Additionally, BNB’s social volume rose significantly too, in correlation with the market’s interests. The correlation between rising social mentions and price movements emphasized on the market its bullish bias. A greater number of mentions usually precedes significant price actions, either positive or negative.AMBCrypto further analyzed the long/short ratio data from Coinglass. It recently recorded several bullish spikes, indicating that the long positions are winning the battle against the short positions.is at a key point right now.
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