• Binance Coin (BNB) has been hovering around the $300 mark for the past three weeks.
• The OBV of BNB has risen, and the Open Interest has declined, indicating bearish sentiment among speculators.
• If Bitcoin continues to remain bullish in June, it could drastically change BNB price outlook.
Analysis of Binance Coin’s Price Action
Binance Coin (BNB) has been trading in a range between $315 and $301 for the past week. The midpoint of this range at $309 was acting as both support and resistance. The Relative Strength Index (RSI) showed that bearish momentum was strong with a value of 33.
Bearish Sentiment Among Speculators
The Open Interest on BNB contracts has been declining for the past few days, which indicates a bearish sentiment among speculators. The funding rate also slipped below zero on 28 May but recovered quickly thereafter. This indicates that traders were hedging short when prices rose to $310.
Bulls Could Benefit from Bullish Bitcoin
Despite the bearish sentiment seen in recent days, the On Balance Volume (OBV) of BNB crept higher over time. This shows that there is some buying pressure behind BNB prices, although it may not be enough to break out from its current range yet. However, if Bitcoin continues to remain bullish in June, then this could drastically change the outlook for BNB prices and potentially force another bounce from its current support levels at $300.
Conclusion
Overall, while Binance Coin remains stable above $300 level for now, investor sentiment is still bearish in terms of open interest and funding rate data points due to low volatility in recent days . For bulls to benefit from a new upside breakout , they will need Bitcoin’s bullish momentum to continue into June or else their efforts could prove futile without additional tailwinds .
