Spot is Bullish, Futures are Unstable... BNB Market Sees Mixed Bets

▲ BNB Binance Coin ©

Binance Coin (BNB) is on the verge of breaking through a key resistance level. On-chain data indicates continued whale buying and bullish signals in the spot market, but mixed investor sentiment in the derivatives market appears to be limiting upward momentum.

According to investment media FXStreet on May 15 (local time), BNB is currently attempting a breakout, rising to around $687, the top of its horizontal channel. The outlet analyzed that if this level is broken on a closing price basis, further upward movement could accelerate.

CryptoQuant on-chain data showed predominantly bullish signals. Large orders from whale investors were detected in both spot and futures markets, and market overheating was easing while a buy-dominant trend continued. The outlet assessed that with most indicators remaining at neutral levels and a buy-dominant trend emerging, the possibility of further upside is open.

Conversely, sentiment in the derivatives market remained mixed. According to CoinGlass, the BNB long/short ratio was 0.89. A value below 1 indicates more bearish bets, suggesting that bearish sentiment still persists. However, the OI-Weighted Funding Rate turned positive after April 30 and currently remains at 0.006%. This means that long position investors are bearing the costs of short positions, which is interpreted as a signal of gradually improving overall market sentiment.

Technically, the upward structure is maintained. BNB is currently trading above its 50-day and 100-day Exponential Moving Averages (EMAs) at $640.72 and $667.16, respectively. The Relative Strength Index (RSI) has risen to around 70 on the daily chart, indicating strong buying pressure, and the Moving Average Convergence Divergence (MACD) also remains in positive territory, suggesting a buy-dominant trend. However, as the RSI approaches the overbought zone, the possibility of increased short-term volatility is also being discussed.

The outlet presented key resistance levels for the future as the channel top at $687.30, the Fibonacci retracement zone at $718.90, and the 200-day EMA at $720.87. If these levels are broken, the next target prices of $764.84 and $810.78 could become possibilities. Conversely, if the support levels of $667 and $662 are breached, a retest of $640 is also a possibility.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*