Binance Coin (BNB) has been moving within a price range with peaks at $640 and lows at $525. This battle between buyers and sellers has persisted for over a month, with neither side able to dominate.

As BNB returns to the $525 support level, buyers have an opportunity to capitalize on strong buying pressure.

BNB: Resilient Amid Market Decline

Despite the overall market downturn, BNB has held firm around the $525 mark, showing resilience as bulls defend against a drop below $500.

The cryptocurrency experienced a bullish surge in March, climbing from $500 to $640 in just five days. However, it struggled to break past the $640 resistance, maintaining a consolidation pattern within the range.

Traders can explore short and long positions, selling near $600 and buying at $525. With the Bitcoin halving approaching soon, a shift to bullish sentiment may present a chance for short-term traders to go long from the current price, potentially driving BNB towards $640.

The Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicators suggest a bullish opportunity.

Longs Show Edge in Futures Trading

The long/short ratio on a 4-hour timeframe indicates a slight advantage for buyers, with longs holding over 50% of open positions. This hints at a mild bullish sentiment in the short term.

Disclaimer: The content provided is opinion-based and not financial advice. It is recommended to conduct personal research before making any investment decisions.