Binance Coin (BNB)
BNB, the token of the Binance exchange, is a top 5 altcoin that has broken out of its previous highs. The cryptocurrency has lost 31.11% of its value since hitting $720.67 on June 6.
However, things may change with time. According to the BNB/USD daily chart, the relative strength index (RSI), which measures momentum, is trending down. However, the indicator seems to be heading towards the oversold region. An indicator of 30 or lower indicates that the asset is oversold. When it is 70 or higher, it is considered overbought. As of this writing, the RSI is 38.96, indicating that a continued downtrend could push BNB prices down to $454.
In addition, the absorption/distribution (A/D) indicator shows that distribution is not too strong. Therefore, if BNB is oversold, the price may recover. If buying pressure increases, BNB price could rise by 29.90% to a new July high of up to $740.70.
