Binance Coin (BNB) is experiencing a potential bearish outcome as it forms a rising wedge pattern, indicating weakening price momentum. With current trading at 676.54 USD, a decline of 2.38% in the last 24 hours brings attention to critical support levels.
Traders are particularly focused on the 609.6 USD support level, which may serve as a safety net for BNB if selling pressure intensifies. Additionally, negative funding rates of -0.0389% suggest a shift in market sentiment towards increased short positions.
Social dominance for BNB has surged to 0.845%, indicating heightened attention in the market. While derivatives data show a significant increase in trading volume, caution prevails as traders remain uncertain about BNB’s next move amid mixed signals.
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