Binance Coin: Pulling back to this area can be used to enter a long position



Disclaimer: The information presented does not constitute financial, investment, trading or other advice and represents the opinion of the author only.

Market participants in the traditional and crypto markets have been watching the results of the FOMC meeting closely. Another hike of 75 basis points (0.75%) was expected as the Federal Reserve seeks to fight inflation. This could see Bitcoin reflect major stock indices in the near term in the coming days.

Here is AMBCrypto’s price prediction for Binance Coin [BNB] in 2022-23

Traders may want to wait for the dust to settle on this event before looking to enter positions. Longer-term Binance Coin investors would likely be pleased with its performance in late October. It was likely that more gains could continue for BNB.

Binance Coin is ripe for a withdrawal at $310

Source: BNB/USDT on TradingView

Binance Coin has witnessed a breakout of the range it has been trading in since late August. Along with the price, the OBV also witnessed a breakout from a resistance level drawn in August. As a result, the RSI has also surged over the past few days to reflect the strong bullish momentum.

The RSI being in overbought territory alone does not warrant a pullback. However, the price hit a bearish order block on the 12-hour timeframe from August at $330. The large upper candlesticks over the past two days suggested that the bulls’ attempts to push prices higher have been thwarted.

Still, the market structure remained bullish. A pullback to the $310-$300 area can be used to enter a long position targeting $336 and $360. A session close below $300 would invalidate this bullish idea.

Binance Coin Shows Short-Term Holders Making a Profit

Binance Coin Hits Highs Starting in August, So What?

Source: Santiment

The 30-day MVRV has been positive since June and suggests holders were in profit. Over the past two weeks, MVRV has seen a huge spike. This coincided with the price rising on the charts from the $260 area. The sharp rise in the metric showed the possibility that buyers in recent weeks may be willing to sell.

On the other hand, the 30-day active address metric has been declining in recent months. However, this need not negatively impact Binance Coin’s price action in the coming weeks.

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