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Binance’s proprietary token, Binance Coin is one of the leading cryptocurrencies by market capitalization, reaching highs this year, including an all-time high of over $ 672.
As of December 28, 2021, BNB is trading at $ 550, recording + 3.43% gain over the past 7 days.
MACD Shows BNB Trouble Is Not Over Yet
The price of the coin is rising despite the overall bearish trend in the market. Now the indicator of critical momentum, the convergence moving average divergence (MACD) indicates the opposite. The indicator line is currently above the MACD for the token, indicating that it is still predominantly in a bearish trend.
Relative Strength Index (RSI) Indicates Growth
The BNB price is still in a bearish trend despite the marginal rise in prices currently observed. The Relative Strength Index (RSI), however, is still low. The lower the RSI, the more likely the price will rebound.
With a 14-day average of 45.14, the asset may be able to recover as it is close to 30, a level that is considered oversold. This means that sellers have cut the price low enough to experience another bounce. However, it depends on other factors as it may still be below this.
Tapering Bollinger Bands
Bollinger Bands (BB) indicate the direction of momentum and serve as indicators of volatility. Entering into a contract with BB, as in this case with BNB, shows that it is approaching a critical decision point. The price at this moment can break out either up or down.
As the daily chart shows, buyers and sellers are almost in equilibrium. A breakout will determine if the price is moving up or down, which means that the price rally recorded by BNB is not yet evidence of a bullish trend until the bands open and the price tilts towards the upper band.
Tapering Bollinger Bands Source: Tradingview
Overall, the BNB price is currently not trending as bulls and bears have an equal impact on the coin. This is the critical moment for waiting for a clear trend to emerge.
Volume indicates low volatility as it remains nearly unchanged as bulls and bears struggle to dominate.
Posted by Anastasia Zapolskaya, analyst at Freedman Сlub Crypto News
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