BNB has staged a formidable comeback, surging 40% after hitting a five-month low on February 3. The coin now trades at $698.40, including 10% to its worth over the previous day.
Regardless of broader market consolidation, BNB has defied the pattern, sustaining sturdy upward momentum as accumulation rises.
BNB Defies Market Headwinds
BNB plunged to a five-month low of $500 on February 3. Nevertheless, regardless of current market headwinds, the fifth crypto asset by market capitalization bucked the final pattern and recorded an uptrend. It at present trades at $698.40, climbing by 40% prior to now ten days.
An evaluation of the BNB/USD one-day chart reveals that this worth hike is backed by precise coin demand and never by speculative trades. For instance, its Relative Power Index (RSI) is in an upward pattern above the 50-neutral line at 62.22, reflecting the shopping for stress out there.
The RSI indicator measures an asset’s overbought and oversold market circumstances. It ranges between 0 and 100, with values above 70 suggesting that the asset is overbought and due for a correction. However, values beneath 30 point out that the asset is oversold and should witness a rebound.
At 62.22, BNB’s RSI signifies it’s in bullish territory however not but overbought. This means sturdy shopping for momentum with room for additional upside.
Furthermore, the coin’s Aroon Up Line is at 100%, highlighting the power of the present uptrend.
The Aroon Indicator measures an asset’s pattern power. It identifies potential reversals by monitoring the time elapsed because the highest excessive (Aroon Up) and lowest low (Aroon Down) over a set interval. When the Aroon Up line is at 100%, it indicators a robust uptrend, indicating {that a} new excessive was lately reached and bullish momentum is dominant.
BNB Worth Prediction: All-Time Excessive Subsequent?
In line with readings from BNB’s Fibonacci Retracement device, if the demand for BNB strengthens, its subsequent worth goal is its all-time excessive of $793.86, final reached on December 4.
Nevertheless, a reversal within the present pattern will invalidate this bullish prediction. In that situation, BNB might shed current good points and fall to $685.55. If the bulls fail to defend this help stage, its worth might drop to $610.98.
Disclaimer
Consistent with the Belief Mission pointers, this worth evaluation article is for informational functions solely and shouldn’t be thought-about monetary or funding recommendation. BeInCrypto is dedicated to correct, unbiased reporting, however market circumstances are topic to vary with out discover. All the time conduct your individual analysis and seek the advice of with knowledgeable earlier than making any monetary choices. Please be aware that our Phrases and Situations, Privateness Coverage, and Disclaimers have been up to date.