BNB on a Bull Ride with $70 -A Positive Trend Ahead

Ankita  |  Feb 9, 2021

BNB is one of the DeFi currencies which has been gaining steadily owing to the rush in currencies apart from BTC. It is currently the 7th largest cryptocurrency on Coinmarketcap by market capitalization with $14,227,964,467.

How BNB Has Performed During Last Few Days

In the past week, the Binance coin (BNB) price has shown a bullish trend. On February 2, 2021, the BNB opening price was $51.55. As of February 8, 2021, the closing price of BNB was $79.84. Thus, the BNB price has surged by approx. 55%.

In the past 24 hours, BNB traded between $70.84 - $85.74.

BNB Price Analysis

How is it Poised for the Future?

Currently, BNB is trading at $84.95. It has risen from the opening price of $79.87. Thus, the price is uptick.

Presently, the RSI is at 62%. It faced a bearish swing rejection at 70% after treading into the ‘overbought’ territory a few minutes back. Thus, buying pressures are high. A temporary price pullback will occur before the price starts rallying again. The Stochastic oscillator is giving similar indications. The current value of the oscillator has crossed below the 3-day MA line. Both the lines were treading in the ‘overbought’ region a few minutes back. The bearish crossover by the stochastic oscillator is indicative of a temporary price pullback.

The MACD and signal lines have high positive values implying a bullish momentum. But a bearish crossover by the MACD line over the signal line gives credence to a corrective price action. Thus, the price will fall for some time. The AO indicator is positive implying strong ‘buy’ signals. The A/D and OBV indicators are rising. The price is also rising. Thus, the market is healthy and the overall trend is bullish.

However, since the past few minutes, the ADX line has started steadily declining. As buying pressures are very strong, this negative divergence of ADX may be indicative of a short duration price pullback. The price line is very close to the upper Bollinger band indicating high buying activity. The SMA and EMA lines are below the price line. They are giving signals for going long.

Currently, the price is trading above the first Fibonacci pivot resistance level of $86.59. It is expected to go past the second and third Fibonacci pivot resistance level of $90.80 and $97.61 respectively by the end of the day. The price is ascending very fast. We can expect the bull-run to continue tomorrow as well. To sum up, there will be intermittent price pullbacks but the overall trend is positive.

 

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