Crypto trader Ali Martinez has posted a TD Sequential chart suggesting that Binance Coin (BNB) price is indicating a sell signal in the 12-hour timeframe. This indicator shows that BNB’s current bullish momentum could be weakening, making this a possibly crucial time for traders to consider leaving the market.
BNB forms bearish signals
A TD Sequential is an important indicator that spots a price momentum weakening and price reversals, therefore pointing out potential sell or buy signals. Ali posted on X a BNB’s 12-hour chart indicating a black “9” candle, indicating a potential selling opportunity.
Normally, in an uptrend, the black 9 candle is interpreted as a sell signal showing that bullish momentum might be getting exhausted. As a result, the prices could be getting prepared for a decline.
BNB’s current sell signal appeared at $642.05, suggesting this is the ideal time to leave the market for traders who want to take advantage of the current price surge.
BNB price updates
BNB is currently depicting signs of a potential bullish momentum. It is currently trading at $631.53, up 11.5% in the past seven days.
Its price surge is connected to the recent action by Binance co-founder CZ to trigger a trading frenzy around the new meme coin, TST, in the BNB blockchain. Although CZ denied any association with TST, his comments on the meme coin aided a 100x price rise, with the unintended promotion of the asset turned popular memecoin.
BNB’s price experienced a 13% price jump over the weekend following the launch of TST on Friday. BNB rose from $569 on Friday to a high of $648 on Sunday before settling at $615 on Monday.
The significant hype around the TST meme coin together with CZ’s response played an incredible role in boosting investor sentiment on BNB. However, whether BNB will sustain its current price uptick is something that remains to be seen.
As Ali highlighted, the wider market conditions could play a significant role in BNB’s next short-time price. Currently, the wider digital asset market is witnessing mixed signals, and the asset’s price movement could be impacted by these prevailing trends.
