BNB Records Its First Green After Three Days Of Consecutive Loss. Will It Continue?

The last 24 hours as seen a lot of price swings from many coins especially the Binance token. The coin has had a 2% increase in the past 24 hours and has recorded an intraday high of $433 and a low of $403. Over the last three days, BNB has lost 18% of its value. The 2% increase in the last 24 hours has not gone unnoticed by traders as any are speculating a return to $500.

Since August 23, the coin seems to go through a gradual cool down as it has not enjoyed any price hike as the one experienced on that day and the candles seems to be getting smaller than the preceding. MACD flashed a bearish signal on the 26th of last month and has since been on the downtrend. All these analysis are based on the daily chart as seen in the chart below.

The Relative Strength Index has also been bearish as the latter gave off its signal. The Moving Average Convergence Divergence is nowhere close to converging and giving off a bullish sign as the two lines are far apart. RSI, on the other hand, has risen a little hope as it shows a slight reversal of the downward trend. The weekends have been one of the most bullish parts of the week for months now. We may see BNB surge with other cryptos over the weekend. If it will get to $500 this week a question only time will answer.

$1.5 Million Liquidated

The last 24 hours as seen traders lost $1.59 million to liquidation on BNB. Although the REKT capitals are from both long and short positions. Nonetheless, 60% of the total liquidated fund are from long orders. The bulls also lost about the same amount in the total REKT capitals over the last 24 hours.

As many traders boycott the derivative, a total of $271 million was liquidated from amongst the 76,000 traders in the market. The general market sentiment also lightened a bit as the bulls are gradually retaking control of the market. Nonetheless, the bears still hold a larger part of the market 50.8% of all open orders.

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