BNB Moved Ahead with Small Pullbacks

Ankita  |  Feb 18, 2021

BNB powers the Binance ecosystem. As the native coin of Binance Chain, BNB has multiple use cases: fueling transactions on the Chain, paying for transaction fees on Binance Exchange, making in-store payments, and much more. The opening price of BNB on February 11, 2021, was $129.31. As of February 18, 2021, BNB closed at $165.32. The price has surged by approximately 28%. Thus, the overall price trend has been bullish in the past week.

Last 24-Hrs Performance of BNB

With massive inflows on the Binance exchange, the BNB price started soaring exponentially from February 17, 2021. As per recent news, BNB has hit a record high of $178 and can increase up to $200 today.

In the past 24 hours, BNB has been trading within the range of $129.86-$178.

BNB Price Analysis

Technical Indications for the Day-Ahead and Tomorrow

Currently, BNB is trading at $176.13. The price has risen from the opening price of $165.32. The price is closer to the upper Bollinger band implying heavy buying activity. The 20-day SMA line is also below the price line. Thus, the BNB price is slated to rise further.

The MACD and signal lines are positive. A bearish crossover by the MACD line over the signal line indicates price corrections amidst a price uptrend. Thus, an intermittent price pullback may occur soon.

Currently, the RSI indicator is at 64%. A few minutes back, it had entered the ‘overbought’ territory. Thereafter, it fell to the current level. It is the right time for swing traders to go short. As selling pressures are increasing, a brief price pullback may occur.

The A/D and OBV indicators are rising. There is a bullish divergence. Whale accumulation is continually increasing. High buying volumes will exert upward pressure on the BNB price. The AO indicator is also positive with strong ‘buy’ signals. Thus, the BNB price will shoot up further.

The Aroon indicator is also showing bullish market momentum. The Aroon up line is above the Aroon down line indicating high demand for the coin. Thus, the price will go up.

Currently, the price has broken out of the first Fibonacci pivot resistance level of $177.98. By the end of the day, we can expect the price to break out of the subsequent Fibonacci pivot resistance levels of $189.95 and $209.33 respectively.

The price may test the 23.6% FIB retracement level of $170.69, as some of the oscillators have indicated a temporary price retracement. However, the speed at which the BNB price is skyrocketing will go past the 23.6% FIB extension level of $195.92, by the end of the day irrespective of intermittent price adjustments. The bull-run is expected to continue tomorrow as well.

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