The bullish bias in the market spurred a bullish move for BNB with the altcoin registering a 4% bounce off the range-low.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Despite the marginal gains, BNB still traded under $220, extending its range formation.The $205 support level has been decisive for bulls over a two-month period. The buying strength at the level has limited the selling pressure and kept BNB in a price range over the period.
Furthermore, buyers have registered decent price rebounds from the level. However, the $225 resistance level has always stood in the way of more gains for buyers. With the bullish sentiment in the market, BNB buyers could take advantage to push for a sustained bullish run. A price consolidation above $220 will provide the platform needed to flip the $225 resistance level with further upside at $235 to $240.showed a lack of confidence in the bullish rebound by participants in the derivatives market. Despite the price bounce, the Open Interest declined by $4 million over the past 24 hours.Similarly, the Funding Rate flipped negative over the past 48 hours.
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