Watch out for this data! 👀 $1,000 per BNB felt close, but the crypto giant is hitting a concrete wall. The million-dollar question is: is this just a technical pause or are we preparing for a colder winter? 🥶
Look, my people, the underlying news is clear: BNB (Binance Coin) is fighting hard near $827, which is like its historical comfort zone where it has always bounced back. It did so in August and September, and it's doing it again. It's the floor that doesn't want to break. 🛡️
Why did we fall from $1,000? Simple. People stopped moving the coin as much. We saw a decrease in on-chain activity and in decentralized exchange (DEX) volumes. Additionally, the change of command at Binance, while seeking balance, has people scrutinizing closely. This, combined with the legal battles in North Dakota (which affect Binance's parent company), puts extra pressure on the price of BNB. ⚖️
But not everything is drama. The chart gave us a little joy: the trend broke upward in the short term by surpassing $906.5. That's a relief! 🙌 The problem is that just above, between $950 and $1,000, is the war zone. This resistance is so strong that the coin would need a brutal push to cross it. Technical indicators confirm it, the selling pressure is still there!
The liquidation game is key, listen to this! Those betting on the downside (the shorters) have many positions concentrated between $910 and $920. This means it is VERY likely that BNB will rise a little more to 'burn' those short positions (this is called a short squeeze) before the overall downward trend resumes. In other words, a small rally to deceive a few. 😈
What do we have to see?
The Wall of $1,000: A daily close above this number, and better yet, above the November high of $1,019, is what would tell us that the trend has truly changed.
The CMF (Capital Flow Indicator): There is not enough new money coming in. Volumes are low. Therefore, this current rally seems more like a technical bounce than a real trend change.
My Conclusion, from trader to trader: The December party up to $1,000+ will be difficult to achieve. It seems we are going to rise to burn the shorters near $950-$1,000 and there, watch out, it could be an opportunity to look for sales. Sustained demand simply has not arrived.
Question to Think: Do you think Binance's new direction will be able to generate the trust and on-chain activity necessary to break $1,000 before the year ends? Comment and tell me your play.$BNB
