BinanceLife (币安人生) has taken the cryptocurrency market by storm, surging 76% in just 24 hours. The meme coin, which gained attention as the first token listed on a Chinese ticker, has seen strong demand since its launch.
However, the question is whether a short-term slowdown may follow as profit-taking begins to take hold.
BinanceLife looks safe
According to the Chaikin Money Flow (CMF) indicator, capital inflows to BinanceLife have begun to decline. This slight decline comes as traders take profits after a massive rally, a common behavior for newly listed cryptocurrencies.
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Historically, meme currencies face extreme volatility in the early days of trading as they establish their investor base. BinanceLife is no exception, as price corrections are expected as liquidity stabilizes.
The Relative Strength Index (RSI) provides more insight into BinanceLife’s current stage. The coin recently entered the overbought zone after breaching the 70.0 level, resulting in a slight pullback. This excessive expansion reflects short-term fatigue among traders following the 76% daily rally.
However, the RSI has since slowed and now lies comfortably above the neutral 50 line – suggesting that positive sentiment remains intact. If this stability continues, BinanceLife may maintain its upward momentum.
币安人生 Price is waiting for a payment
At the time of writing, BinanceLife’s price is at $0.318, registering a 78% rise in 24 hours. The altcoin is currently testing the $0.344 resistance level, which has historically served as a major psychological barrier.
Market data suggests that although short-term resistance may slow the advance, the broader trend remains bullish. If momentum strengthens, BinanceLife could break above $0.344, paving the way for a rise towards $0.396 and possibly $0.440 in the near term.
However, a surge in profit taking may lead to a short-term correction. If sellers intensify the pressure, BinanceLife risks a drop below the $0.277 support, exposing the token to a further decline towards $0.179. For now, the market remains divided between cautious traders and long-term holders who are betting on continued growth.