BNB: will it reach $900?
(note: the post contains data by AMBCrypto)
BNB showcased a spectacular performance last week as the coin’s price reached an all-time high. If the latest data is to be believed, then this might just be the beginning, as BNB might continue its uptrend.
However, bears stepped up in the last 24 hours. Will this impact the coin’s bull rally?
Though the aforementioned data looked optimistic, bears took control over the last 24 hours as the coin’s value dropped.
According to CoinMarketCap, the coin’s price declined by over 1% over the last day. At the time of writing, the coin was trading at $699.13 with a market capitalization of more than $103 billion.
This looked bearish, as generally, prices tend to move the other way than the funding rate.
On top of that, BNB’s fear and greed index had a value of 87% at press time, meaning that the market was in an “extreme greed” phase.
Whenever the metric hits that level, it indicates that the chances of a price correction are substantially high. AMBCrypto then checked BNB’s daily chart to see whether its bull rally was ending.
As per chart analysis, BNB’s Relative Strength Index (RSI) was in the overbought zone. This might increase selling pressure and, in turn, push the coin’s price down.
The Chaikin Money Flow (CMF) also turned bearish as it registered a downtick.
Nonetheless, the MACD displayed a bullish advantage in the market.
If BNB turns bearish, then investors might witness the coin’s price drop to $687, as liquidation would rise sharply at that level.
