Binance Coin (BNB) recently broke above a key resistance at its 20-day exponential moving average (EMA). This moving average had held strong at a resistance level of $524.50 since August 26.
Despite the price increase over the past week, with BNB jumping 8%, the Chaikin Money Flow (CMF) indicates weakening buying pressure. The CMF's downward trend suggests limited further upside momentum for BNB.
Bearish sentiment remains strong, with market confidence dampened. The coin’s weighted sentiment stands at -0.52, signaling a prevailing negative outlook.
Given the bearish indicators, BNB may retest its 20-day EMA. Failure to hold this level could see its price drop toward $400, a level last seen on August 5 during market-wide liquidations.
However, if new demand emerges, BNB’s price could instead reach $589.90, invalidating bearish projections.
