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Selling Pressure Easing on Binance: Is a New Rally on the Horizon?
Looking at the Taker Sell Volume data on Binance, we observe a significant rise in the last few hours. This increase indicates short-term selling pressure. However, there's an interesting detail: Historical data shows that after Taker Sell Volume spikes, seller orders are completed, and new buy orders start to come in. This suggests that Taker Sell Volume could signal a short-term local bottom. Additionally, in the hourly data from the past week, we see that Taker Sell Volume is forming lower highs. This indicates that selling pressure is gradually decreasing as high-volume orders are being completed. In other words, as the influence of sellers diminishes, buyers may step in, potentially leading to a new upward wave.