After an intense August, Binance Coin (BNB) price has settled into a sideways trend. Currently trading around $868, traders are debating whether the token possesses enough strength to push higher in September. While it briefly flirted with breaking past the $900 mark earlier this week, sellers intervened and pulled back its price.
What the BNB Chart Is Telling Us The 4-hour chart reveals BNB price has been trapped between $840 and $900. After reaching a peak of $900.71 in July before falling to near its July lows of $706, the token experienced a pullback before settling around the crucial level of $840. Since then, it has bounced between this range with buyers attempting to generate momentum for another attempt at breaking through the $880-$900 area.
If BNB price decisively clears this barrier, we could see further gains. However, a pullback to the $840 support level is likely. A silver lining for bulls is that the chart continues to print higher lows since July, with the bigger uptrend remaining intact.
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Market Indicators
Volatility has decreased compared to the July rally. This suggests many traders are waiting for clearer direction before returning to the market.
Open interest remains steady at around 683,000 contracts, showing that derivative activity hasn’t completely dried up.
However, the significant imbalance between longs and shorts stands out. Net longs stand at just 83,000 while shorts are much higher at 450,000 contracts. This highlights cautious sentiment but also opens room for a potential short squeeze if BNB breaks above $900.
What’s Next?
Heading into September, the focus is on the $900 level. A strong push above this could quickly propel BNB towards $920 or even $950 with sustained momentum.
Conversely, a decline below $840 might trigger selling and send BNB down towards the $780-$800 support zone.
For now, the outlook is cautiously bullish. As long as $840 holds, bulls remain in play but lack of volume indicates that confidence isn’t yet fully there. September could bring more sideways trading until one side takes control.
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