Binance Coin [BNB] Gains 20.5%: Is a Pullback to $290 Possible?

• Binance Coin [BNB] reacted positively over the past two days, gaining 20.5%.
• The daily market structure has turned bullish, with a pullback as deep as $290 still possible.
• Spot CVD surges past February highs in response to demand and long positions are dominant in the market.

Binance Coin [BNB] Gains 20.5%

Binance Coin [BNB] reacted extremely positively over the past two days of trading and gained by 20.5% within four days. A retracement before a sustained move higher up the charts remains possible too.

Daily Market Structure Turns Bullish

The daily timeframe shows that the market structure for Binance Coin [BNB] has turned bullish once more. A strong confluence of support at $292 was found, along with 78.6% Fibonacci retracement level at $276.7, which is almost same as the Value Area High ($322.8) and Low ($274.7). Moreover, RSI crossed over above neutral 50-level and OBV recorded gains indicating bullish momentum has taken root in the currency’s price action from early March showed that $285-$292 region was significant support on lower timeframes too.

Spot CVD Surges Past February Highs

The funding rate had been negative over last two days but it slowly climbed back into positive territory which implied that long positions were dominant in the market again– Signs of a possible flip in sentiment were seen here too. The rising spot CVD underlined strong demand, however Open Interest dipped during this period yet price appreciated showing weakening bearish sentiment among traders.

Beware Of Pullbacks Despite Bullish Sentiment

Although bullish sentiment seems to have taken control of BNB’s market structure, pullbacks are still quite possible before it can sustain its move higher up charts again; therefore longer-term buyers can wait for a retracement into $285-$292 zone while more risk-averse traders can wait for positive reaction over three days before looking to buy and trade with trend again..

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