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BNB Technical Analysis: Continued Uptrend in the Last Week

source-logo  cryptoknowmics.com 20 October 2021 08:17, UTC

Launched in July 2017, Binance is the biggest cryptocurrency exchange globally based on daily trading volume. Binance aims to bring cryptocurrency exchanges to the forefront of financial activity globally. The idea behind Binance’s name is to show this new paradigm in global finance — Binary Finance, or Binance. Changpeng Zhao is the founder and CEO of Binance. Let us look at the technical analysis of BNB.

Past Performance

BNB opened seven days ago on 13 October 2021 at $444.41. The week saw an uptrend with a change of 9.8% with a close at $488.15 on 19 October 2021.

Source: https://www.tradingview.com/x/qKBR2sRb/

BNB Technical Analysis

The BNB continued its uptrend in the last week. Higher highs and higher lows were seen, with a little resistance in between. Today’s trading price, however, is 0.7% down at $484.7 as compared to yesterday.

OBV is showing an uptrend. This means that the buying pressure is overpowering the selling pressure consistently. This is a strong bullish signal and traders may take a long position.

RSI is moving in the higher region near the overbought region’s boundary. It is currently at 64.77%. This is again a bullish signal and traders may take a long position. However, the trend may reverse itself after hitting the overbought region.

MACD is confirming the last week’s uptrend as a lagging indicator. This can be seen as both the lines are moving upwards and are in the positive region. This is also a signal that the traders may take a long position. There is no divergence from the price chart.

Day-Ahead and Tomorrow

Fib numbers show that the trend has crossed the Fibonacci pivots at $419.32 and $450 during this uptrend.

Thus, the indicators are more on the bullish side and the bull trend is expected to continue for BNB. The traders may take a long position here. The target can be kept at $509.2 and stop-loss at $472.1.

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