• BNB has been stuck below $245 with mixed signals flashing into the weekend.
• The Fed’s decision and Bitcoin’s price action could affect whether or not BNB will clear the $245 resistance.
• Open Interest and Cumulative Volume Delta indicate there is a decline in demand for BNB in the futures market.
BNB Stuck Below $245
BNB was stuck below $245 with key metrics flashing mixed signals into the weekend. Ripple Labs’ legal win tipped Binance Coin [BNB] to foray above $250, but recent BTC price action and next week’s Fed decision could derail bulls from clearing the $245 hurdle.
H4 Market Structure Bearish
The H-4 market structure was bearish at the time of writing, with lower lows and lower highs chalked after the price dropped from $260. Bulls could only show bullish intent if they clear the recent lower high of $247, however, the $245 resistance has blocked further upside since Monday (17 July).
BTC Price Impacts BNB
In addition, BTC was yet to record a strong corrective rebound from its range-low, struggling to make daily candlestick sessions close above $30k in the last few days. If BTC loses hold of the range-low, BNB will likely retest the range-low of $240 or $238. Put differently, the $245 roadblock could persist if BTC fails to reverse recent losses. Conversely, a close above $245 and subsequent clearance of a lower high of $247 could tip BNB to aim at the 250 threshold again.
RSI Neutral Point
The RSI (Relative Strength Index) fluctuated near the neutral point in last few hours suggesting prices can take either direction as buy and sell pressure was almost equal while CMF (Chaikin Money Flow) registered a downtick indicating eased capital inflows.
Open Interest Declined
On Coinalyze’s 1-hour chart, Open Interest rates dropped from >$450 million on 17 July to about 360 million at time of writing which denotes decline in demand in futures market as BNB consolidated tightly between 240 – 245 since 17 July