BNB has declined for six consecutive trading sessions, slipping below the $600 level, as derivatives market indicators and technical trends both point to the possibility of further downside.
According to investment media outlet FXStreet on February 11 (local time), BNB is trading below $618 and has recorded six straight daily losses since the weekend. Following last week’s sharp drop, attempts at a rebound have been limited, extending the bearish trend, with short-term momentum still dominated by sellers.
Derivatives data also paints a negative picture. Based on CoinGlass data, the BNB long-to-short ratio stands at 0.91, below the neutral level of 1, indicating that more investors are betting on declines than gains. The open interest-weighted funding rate turned negative on Tuesday and recorded -0.0002% on Wednesday. A negative funding rate means that short positions are paying long positions, reflecting prevailing bearish sentiment across the market.
Price action remains under pressure. After plunging to $570.06 last week, BNB staged a modest rebound but soon resumed its downtrend, closing the week down 15.64%. This week, it has fallen an additional 4%, extending the correction. If the decline continues, the token could retest the $570.06 low. A breakdown below this level may open the door to the next psychological support at $550.
Technical indicators also support a bearish outlook. On the daily chart, the Relative Strength Index stands at 24, deep in oversold territory, signaling strong downward momentum. The Moving Average Convergence Divergence indicator has maintained a bearish signal since forming a death cross on January 20. However, the entry into oversold territory also suggests the possibility of a short-term technical rebound, meaning heightened volatility cannot be ruled out.
In the event of a rebound, the weekly resistance level at $709.29 is seen as the first upside target. For now, however, growing short bets in the derivatives market combined with a technically bearish structure continue to exert downward pressure.
Disclaimer: This article is for investment reference only and the publisher is not responsible for any losses incurred based on it. The content should be interpreted for informational purposes only.
<저작권자 ⓒ 코인리더스 무단전재 및 재배포 금지>
|
  많이 본 기사
English 많이 본 기사
|
