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BNB Price Analysis - Can $BNB bounce off current support?

Long
BINANCE:BNBUSD   Binance Coin / US Dollar (calculated by TradingView)
  • Relative Strength Index: The RSI is currently at 34 points. That's definitely on the low side, meaning the market is approaching the oversold level.

  • Bollinger Bands: The BNB price has been riding on the lower bollinger band for the past few hours. That's not a good sign as that means that bearish momentum is significant.

  • Volume: There is moderate amount of volume which means that the market does have enough fuel to make moves.

BNB Price Prediction

The RSI and Bollinger Bands are clearly showing a bearish sentiment. Moreover, the moderate amount of volume is concerning because that means that the market can continue to slide downwards.

Disregarding the above indicators and keeping in mind the recent news, I'm going to predict that BNB will make a swift recovery to the $19.6 level. BNB is at a low that hasn't been seen in quite some time, and there is no real reason for the downward slide. There was some drama about the Digibyte debacle, but that should have no effect on Binance Coin's price.

Read Full Binance Price Analysis and Prediction: NullTX