BNB Technical Analysis: Price May Fall Below $356.21
Crypto Guide
Live News

BNB Technical Analysis: Price May Fall Below $356.21

June 14, 2021      Ankita Awasthi

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.

Past Performance

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.

https://s3.tradingview.com/snapshots/1/17EPzrj7.png

https://s3.tradingview.com/snapshots/1/17EPzrj7.png

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.

READ  Binance’s CZ Seeks Compensation From Sequoia for Alleged Reputational, Financial Damage

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.

READ  Bitcoin Decline May Hit Tech Stocks Very Badly: Mark Mobius

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.

#Binance Coin #BNB
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.