Contrary to the overwhelming majority of altcoins, Binance Coin (BNB) had been incredibly bullish in the first week of September as it gained 34% against USD while other cryptocurrencies had taken a serious blow. BNB did have a delayed reaction to this big selloff, but its pullback wasn’t nearly as deep as that of the rest of the market.
In the two weeks that followed, the coin lost only 16% (34% if counting from the upper to the lower wick of two weekly candles) and then initiated a swift 25% recovery, having taken the price back above $32.
BNB might be looking at a deeper pullback
1-week BNB/USDT chart
Despite the speedy recovery, Binance Coin was unable to go past the resistance at $32.4 that aligns with the 78.6% Fibonacci retracement level. This can be partially explained by Bitcoin’s long-awaited break above the $12,000 resistance and the restoration of its dominance to 65.35%, whereas BNB’s current market cap dominance amounts to 1.04%.