Binance Coin (BNB) has been on a run for almost 10 days now making higher highs on a one-day price chart.
After surpassing the psychological resistance at the $300 price level over the last week, BNB price sits at the $332 mark at press time. In the last 10-days, the fourth-ranked coin by market cap managed to chart over 20% gains.
So is there no stopping the price of BNB coin?
BNB price action could halt
Binance coin’s rather bullish price momentum, presenting over 7.63% daily and 21.60% weekly gains at press time, seemed to be pretty solid. Despite price action weakening on a short-term price chart (hourly), 24-hour trade volumes were over $2 billion noting a 44.87% rise in the last day.
From a technical point of view, BNB’s 24-hour price chart saw signs of overheating. Daily RSI was in the oversold zone and could be due for a correction.
Furthermore, with price testing the higher $327 resistance level from where it has seen a pullback chances of a short-term price retraction are higher.
Profit-taking has happened
On-chain metrics for Binance Coin suggested that at the higher price levels considerable profit taking took place.
Pseudonymous on-chain analyst Crypto Sunmoon shared on Twitter that while BNB prices were rising, big profits had been realized and whale transaction volume had not risen.
In addition to that, BNB’s Age consumed metric saw a spike of 860K on Oct 31 while its long-term MVRV was in the overheated zone. Thus, a rise in BNB prices could end sooner or later.
However, if the bearish thesis fails, a push to $380 could be next for BNB bulls.
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