Since last week, we had been expecting a good run in BNB and it has not disappointed. The BNB price has shown a positive trend in the past week. In the past 2 days, the BNB price has surged by 61%. It had opened on February 9, 2021, at $79.81 and closed on February 10, 2021, at $128.97
In the past 24 hours, BNB has traded between $116-$148.40. BNB has attained a record high of $148.40 on February 10, 202. It has crossed the $100 mark for the first time since its inception 3.5 years back.
Currently, BNB is trading at $123. It has fallen from its opening price of $128.94. The price is below the SMA and EMA lines. Hence, we can expect the price to fall further.
The A/D and OBV indicators have risen in the past 24 hours. Thus, accumulations have surpassed distributions. The buying and selling volumes are consistent as both the A/D and OBV lines are straight for the past few hours. Hence, the price may not rise or fall steeply.
The RSI indicator is at 45%. It just touched the 30% mark an hour back and has rallied thereafter. This is a ‘buy’ signal for swing traders. Selling pressures are still high and hence we can expect a temporary price pullback.
The MACD and signal lines are negative. Thus, the market momentum is bearish. But, a bullish crossover by the MACD line over the signal line indicates a price uptrend. Moreover, they are getting closer to the zero line and may become positive soon. So, the bearish trend will reverse soon.
The AO indicator is negative but the ‘sell’ signals are getting weaker. The AO indicator may become positive in some time. Thereafter, we can expect the price to rise again.
The Aroon down line has crossed over the Aroon up line. Hence, the Aroon indicator is pointing towards a price pullback too.
The ADX indicator is rising irrespective of the price declining. This implies that the bearish momentum is not strong. The price decline may be a result of market price corrections. Hence, we can expect the price uptrend to resume in some time, as the market is gaining breath.
The EOM indicator has started rising again. Hence, the price may start upswing with relative ease soon.
Currently, the price is much below the Fibonacci pivot point of $131.12. If it falls to the first Fibonacci pivot support level of $118.75, then probably a downtrend has set in.
Presently, the price is closer to the 23.6% FIB retracement level of $123.65. By the end of the day, if the price falls below the 23.6% FIB extension level of $108.35, then the price is downtick. The price downswing is expected to continue tomorrow as well.