All the ways in which BNB’s face-off with this resistance level will unfold

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Binance Coin is the 4th largest cryptocurrency by market capitalization. The exchange token has seen sideways movement on the price charts for nearly a month now as it formed a range between $260 and $300. At press time, the price approached the psychological $300-resistance once more.

Here’s AMBCrypto’s Price Prediction for Binance Coin [BNB] for 2022-23

Despite the bullish momentum of the past few days, however, Binance Coin could see a strong rejection, especially if Bitcoin also faces difficulty in climbing above $20.5k.

Source: TradingView

The 3-day chart (not shown here) had a bearish market structure. The daily structure was also bearish for BNB, although its move past $280 carried some lower timeframe bullish impetus. Overall, the confluence of the bearish order block (marked in red) and the psychological $300-resistance level meant that BNB could face rejection and a move lower on the price charts.

Binance Coin found steady demand at the $261-level and also faced strong sellers near the $300-mark. Since September, these two areas have been quite important. At the time of writing, the RSI had climbed past the 60-mark to show strong bullish momentum.

And yet, the OBV did not share a similar spike. This, because buying volume has been low. In fact, the OBV has been on a downtrend from August to signify a lack of demand.

Taken together, the OBV and the resistance zone suggested that BNB could retrace all its gains since mid-September.

Source: Santiment

In mid-August, the Social Dominance metric of Binance Coin touched a six-month high at 17.1%. Since then, the dominance metric