Binance is one of the largest crypto exchanges that enables users to trade in digital currencies instantly. In terms of volume, it is the largest 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 native in-house token of this exchange. Let us look at the technical analysis for BNB. Past Performance On Jul 13, 2021, BNB opened at $316.27. On Jul 19, 2021, BNB closed at $280.02. Thus, in the past week, the BNB price has decreased by roughly 11%. In the last 24 hours, BNB has traded between $260.34-$303.01. https://ift.tt/3iyBaps Day-Ahead and Tomorrow Currently, BNB is trading at $261.36. The price has decreased from the day’s opening price of $280.02. Thus, the market seems 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 an intermittent price rise amidst a bearish trend for BNB. Currently, the RSI indicator is at 45%. It faced rejection at 42% and rose to the current level. Hence, buying pressures are slowly mounting. High buying activity will exert upward pressure on the price. Besides, the OBV indicator has started rising steadily. Thus, buying volumes are gradually surpassing selling volumes. Hence, the price may start rising. In a nutshell, all three oscillators have indicated an impending bearish trend reversal. BNB Technical Analysis Currently, the price is below the first Fibonacci pivot support level of $264.82. The price may soon surpass it and further breach the Fibonacci pivot point of $281.12. Thereafter, we have to wait and watch if the price continues to rise or starts falling again. Currently, the price is below the 23.6% FIB retracement level of $270.21. It may soon retest and break out of it. Thus, as of now, the bulls are seemingly gaining strength and a trend reversal is on the anvil. In that case, we can expect the price upswing to continue today as well as tomorrow.
The post BNB Technical Analysis: Price Below the First Fibonacci Pivot Support Level of $264.82, May Surpass $281.12 appeared first on Cryptoknowmics-Crypto News and Media Platform.
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