The market’s response to the highly anticipated launch of the Greenfield Mainnet on Binance Coin’s [BNB] Chain ecosystem has been underwhelming. Significantly, this unveiling came after an intensive six-month development period. However, instead of a bullish surge, the BNB token, integral for governance and gas, seemed unresponsive.
A recent dive highlighted BNB’s stagnant behavior over the past six weeks. While occasional spurts of activity did occur, the overall trend remained elusive. Consequently, market enthusiasts don’t foresee a change in momentum this week.
Aside from the general ambiguity, BNB’s H4 market structure has shifted bearish. Just a day before this discovery, the higher low of $211.4 recorded on Tuesday, October 17, was breached. Moreover, bearish winds are picking up, with BNB logging a lower high at $213.9 and the RSI moving around 55.
Hence, the shift towards a bearish outlook is clear. Additionally, market watchers peg the H4 bullish order block at $205 and the range low at $204 as potential support buffers. A revisit to this territory could signal a lucrative buying window. BNB is trading at $210.78 and is down 1.14% in the last 24 hours.
Significantly, while the bearish indicators are strong, a rebound from the $205 zone could be a promising low-risk venture. However, traders must tread with caution. A dip below the $202 mark could throw a wrench in the bullish rebound narrative.
The Binance Coin market stands at a crucial juncture. The Greenfield Mainnet launch, although a monumental development, failed to shake the market out of its inertia. Traders, meanwhile, are keenly watching the $205 support level, hoping for a positive turn.
