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. BNB is the prime governance token of this exchange. BNB technical analysis is as follows:
On April 6, 2021, the opening price was $368.10. As of April 12, 2021, BNB closed at $596.71. Thus, in the past week, the BNB price surged by approximately 62%. In the last 24 hours, BNB has traded between $569.47-$602.79.
Day-Ahead and Tomorrow
Currently, BNB is trading at $577.71. The price has fallen from the opening price of $596.79. Thus, the market looks bearish.
The MACD and signal lines are negative. Thus, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Hence, we can expect some price corrections amidst an overall price downtrend.
The OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the price. Hence, we can expect the BNB price to decline further.
Currently, the RSI indicator is at 33%. It has just rallied from the oversold region. This is a good time for swing traders to go long. As the selling pressures are still high, we can expect the BNB price to fall further.
BNB Technical Analysis
As per technical analysis, the price is soon likely to fall below the second Fibonacci pivot support level of $569.57. If the bears remain strong, the price may fall below the third support level of $557.04 as well, in some time.
The price has tested and fallen below 23.6% FIB retracement level of $577.33. If its falls below the 23.6% FIB extension level of $561.61, in some time, it implies that the bearish trend is strong. In that case, we can expect the price downswing to continue tomorrow as well.