Binance Coin (BNB) breached its ascending trendline support on Wednesday and declines 3% on Thursday.
Binance coin price broke below the ascending trendline support on Wednesday, signaling a break in bullish market structure. On-chain data shows that BNB’s long-to-short ratio is less than one, signaling a bearish move. A daily candlestick close above $588.3 would invalidate the bearish thesis. Binance Coin breached its ascending trendline support on Wednesday and declines 3% on Thursday.
This suggests continued momentum favoring bears, potentially leading to a further decline in Binance coin price. BNB/USDT daily chart According to Coinglass, the long-to-short ratio metric gauges market sentiment and potential future price movements in the cryptocurrency markets based on traders' relative positions. In BNB's case, the long-to-short ratio is 0.759.
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