- Binance Coin’s price is up 6.94% over the last 24 hours.
- BNB has also strengthened against BTC and ETH.
- Daan Crypto Trades shared that BNB’s open interest is at April 2021 levels.
Crypto investors and traders looking at the prices of Binance Coin (BNB) and Binance USD (BUSD) may start to think that the FUD surrounding the largest crypto exchange by trading volume has come to an end.
BNB has gained 6.94% over the last 24 hours according to CoinMarketCap. Meanwhile, BUSD still maintains its peg with the U.S. dollar. The true effect of the Binance FUD that ignited fear among crypto investors this last week is evident in BNB’s weekly price performance, which stands at -15.20% at press time.
BNB has also strengthened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 6.32% and 5.94% respectively. BNB’s price was also able to set a daily high at $252.34, with its 24-hour low sitting at $230.61.
The crypto analyst, Daan Crypto Trades (@DaanCrypto), had tweeted yesterday that the open interest for BNB is currently at levels that have not been seen since April 2021. This was a time that the altcoin was trading near its all-time high (ATH).
The price of BNB looks to be making a recovery attempt when looking at its daily chart. The price of BNB still trades below the 9-day and 20-day EMA lines. However, the last 24-36 hours have seen positive price movements for the exchange’s native coin.
Another bullish technical flag is the daily RSI line sloped positively towards overbought territory. The daily RSI line will need to cross above the daily RSI SMA before traders will develop a short-term bullish outlook on BNB.
The 9-day EMA will be the next key support level that BNB’s price will have to overcome. Should the altcoin be able to successfully challenge and maintain a position above the 9-day EMA, then investors and traders may look to continue the relief rally.
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