Binance Coin (BNB) is the native token of the Binance exchange. BNB can be used for paying the transaction charges for trades executed via the exchange. It can be traded for other cryptocurrencies too. Past Performance On March 3, 2021, the opening price of BNB was $239.69. As of March 9, 2021, BNB closed at $293.20. Thus, the price soared by approximately 22% in the past week. In the last 24 hours, the price is fluctuating within a price range of $240.31-$297.30. https://ift.tt/3bxu9CY Technical Indications for the Day-Ahead and Tomorrow Today morning, BNB started trading at $293.13. Currently, it is trading at $276.40. Thus, the price is downtick. The market looks bearish. The MACD and signal lines are in the negative territory. Thus, the market momentum is bearish. However, a bullish crossover by the MACD line over the signal line implies that price corrections are occurring in the BNB market. The price may rise for some time before falling again. At present, the RSI indicator is at 47%. An hour back, it was in the ‘oversold’ region and thereafter rallied. However, selling pressures are still very high. Heavy offloading will exert downward pressure on the price. Hence, we can expect the price to dip further. For the past 3 hours, the OBV indicator is steadily declining. Thus, selling volumes are gradually overtaking the market. Hence, the BNB price will continue to fall. BNB Price Analysis Currently, the price has fallen below the Fibonacci pivot point of $276.94. If the bearish momentum remains strong throughout the day, then BNB might close below the first Fibonacci pivot support level of $255.17. The price has tested and fallen below the 61.8% FIB retracement level of $275.53. As the bearish trend is strong, by the end of the day, it may fall below the 38.2% and 23.6% FIB retracement levels of $262.08 and $253.76, respectively. In that case, the price downtrend will continue tomorrow as well.
The post BNB on a Falling Spree from $275.53 – Technical Analysis appeared first on Cryptoknowmics-Crypto News and Media Platform.
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