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Title: Binance Coin (BNB) Oversold? Bollinger Bands Spell New Price Direction
A recent market analysis suggests that Binance Coin (BNB) might be oversold, which could indicate a potential rebound in the short term. According to this analysis, the Bollinger Bands have shown overheating on the hourly chart, which may lead to a downward price movement if sentiment is not sustained.
In contrast, data from CoinMarketCap highlights that the bands are narrowing, indicating an upward trajectory for the asset. The lower band stands at $763.02, and the upper band signals that BNB could head between $770.44 and $777.32.
As of press time, Binance Coin is trading at $774.98, which represents a 2.06% increase in the last 24 hours. While this uptrend appears promising, it requires a positive daily close to confirm the extended hourly candle. The asset has seen a significant rise from $759.07 to $779.01 during earlier trading sessions.
The slight increase in trading volume by 4.12% to $2.1 billion further supports this possibility of sustained momentum, which might lead Binance Coin to break out towards $800 if it experiences strong buying pressure.
However, the RSI (Relative Strength Index) has also overshoot the signal line, warning investors about potential risk of drawdowns.
Source: u.today
