Hello everyone, encryption enthusiasts! Orange is bringing you the latest developments in the encryption market again. Let's talk about why retail investors need to be cautious about BNB in the coming days
Hello everyone, encryption enthusiasts! Orange is bringing you the latest developments in the encryption market again. Let's talk about why retail investors need to be cautious about BNB in the coming days.
Firstly, on October 8th, an early holder of BNB sold $1.48 million worth of BNB to Coin An, and it is reported that the sale resulted in a profit of up to $54 million for the investor. This investor started holding BNB in 2018 and made a profit of $56 million on his initial sale. Although the recent sell-off did not have a significant impact on BNB's prices, as retail investors, we still need to remain cautious.
Although the price of BNB only fell by 0.89% within 24 hours, reaching $211.75. But technical indicators indicate that retail investors may take a bit of a risk when buying BNB now.
From the 4-hour chart, the Bollinger line shows a relatively stable volatility of BNB. This means that the price of BNB will not experience significant fluctuations in the short term. In addition, the upper and lower prices of BNB did not touch $211, indicating that BNB is neither overbought nor oversold. Therefore, retail investors may need a certain degree of market volatility to profit from it.
Another indicator of market wait-and-see attitude is the Moving Average Convergence Differentiation (MACD). The MACD is 0.1, indicating a bullish trend in BNB prices. However, the 12 day (blue) and 26 day (orange) EMA positions are below the zero histogram point and very close to each other. This indicates that market sentiment is cautious and may be waiting for significant changes in price trends before making a decision.
Let's take a look at the volume of open positions. For BNB, open positions indicate that most people are watching and may wait for significant price changes before deciding on the next step. This may mean that BNB prices may continue to maintain a sideways consolidation trend in the coming days.
For retail investors, treating BNB with caution is a wise move. We need to remain vigilant and pay attention to market trends. Finally, don't forget to like and follow our upcoming articles. Crypto Orange looks forward to sharing more crypto market trends with you!
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