Binance is one of the largest crypto exchanges that allow users to trade in digital currencies within minutes. In terms of volume, it is the biggest crypto exchange for trading in bitcoin and altcoins. It also provides users with a robust trading platform with built-in interactive charts and technical analysis tools. BNB is the prime governance token of this exchange and below is its technical analysis.
On Jun 7, 2021, BNB opened at $393.65. On Jun 13, 2021, BNB closed at $365.80. Thus, in the past week, the BNB price has decreased by roughly 7%. In the last 24 hours, BNB has traded between $360.10-$368.78.
Day-Ahead and Tomorrow
Currently, BNB is trading at $361.02. The price has decreased from the day’s opening price of $365.81. Thus, the market seems bearish.
The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to fall further.
Currently, the RSI indicator is at 29% – in the ‘oversold’ territory. It faced rejection at 43% and fell to the current level. Hence, selling pressures are very high. High offloading activity will push the price further down.
Besides, the OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the BNB price.
In short, all three oscillators have given bearish signals.
BNB Technical Analysis
Currently, the price is below the second Fibonacci pivot support level of $359.53. It may soon fall below the subsequent support level of $356.21.
The price has tested and fallen below the 23.6% FIB retracement level of $360.76. The price may soon test and fall below the 23.6% FIB extension level of $355.80 as well. Thus, as of now, the bears seem strong. In that case, the price may continue to fall tomorrow as well.