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To work on technical analysis of BNB (Binance Coin), understand that it is the customized token of the Binance blockchain ecosystem. It has myriad use cases and powers all transactions on the Binance chain. It drives the entire ecosystem and can be used for in-store purchases too. As per recent news, PayPal’s decision to launch a digital currency checkout service has positively impacted the BNB price.
Past Trends
On March 24, 2021, BNB opened at $255.89. As of March 30, 2021, the closing price was $311.30. Thus, in the past week, the price has surged by roughly 22%. In the past 24 hours, BNB has been trading between $271.78-$316.70.
https://www.tradingview.com/x/cfSwBSBb
Days-Ahead and Tomorrow
Currently, BNB is trading at $302.95. The price has decreased from the opening price of $311.30. Thus, the market seems bearish.
The A/D indicator is sharply rising and is sloping upwards. Thus, whale accumulations are higher than whale distributions. There is a bullish divergence here. High buying activity will exert upward pressure on the BNB price. Thus, the price is slated to go up.
The MACD and signal lines are negative. A bearish crossover by the MACD line over the signal line has occurred too. Thus, the overall market momentum is bearish. Hence, we can expect the BNB price to decline further.
Presently, the RSI indicator is at 48%. A few minutes back it had touched the 30% mark. Thereafter, it rallied to the current level. Thus, selling pressures are still on the higher side. Hence, we can expect the price drop to continue for some more time.
BNB Technical Analysis
Currently, in the technical analysis, the price is above the Fibonacci pivot point of $300.17, but may soon fall below it. As of now, the bears look strong and hence the price may continue to fall up to the first support level of $283.30. The fall will not be arrested here unless a trend reversal occurs.
We can be assured that the price uptrend will continue tomorrow, only if by the day’s end, the price retests and breaks out of the 23.6% FIB retracement level of $306.27. If it fails to do so, then we can expect a further drop in price tomorrow.