Why is BNB price up today?

The rate of BNB (BNB) is up around 3% today, in part due to bearish traders opening more BNB-tied contracts regardless of suffering losses by means of liquidations in the previous 24 hours. In addition, BNB stands extremely “oversold,” which might have triggered traders to buy the dip.BNB price bounces after being “oversold” On June 14, BNB rate climbed up almost 4% to $253. The gains came as a part of a recovery that saw its cost rebounding 12% 2 days after falling to a six-month low of $220. From a technical perspective, BNBs rise on June 14 began the heels of its “oversold” status. Especially, the everyday relative strength index (RSI) dropped to around 16.6 2 days ago, its lowest reading considering that March 2020. BNB/USD daily rate chart. Source: TradingView.comAn RSI reading listed below 30 usually precedes a consolidation or recovery period in the market. The BNBs day-to-day RSI stint below 30 in December 2022 preceded a 50% rate rally in the next 2 months.BNB funding rate flips negativeThe financing rate of BNB slipped below no on June 10 and has actually been negative because. To put it simply, bearish traders are ready to pay bullish traders to keep their brief bets open.BNB open interest-weighted financing rate. Source: CoinglassMeanwhile, BNB open interest has actually reached a one-month high of around $377 million, accompanying a total drop. All these metrics recommend that many traders are banking on more downside, which typically leads to rate rebounds that can extend if short position get liquidated. Key BNB price level to watchBNBs cost rebound likewise follows a high 25% decline last week, prompted by the U.S. Securities and Exchange Commissions (SEC) lawsuit against Binance, which named BNB as an “unregistered security.”Related: SEC and Binance.US to work out deal preventing overall asset freezeIn current years, BNB cost came under pressure due to broader crypto market decreases, as shown below.Each time, BNB rate discovered strong assistance near $220, which the bulls will argue must make this level an ideal buy-zone after the SEC-led cost drop– if history repeats.As of June 14, BNB/USD trades inside $240-250 variety, a debt consolidation area from December 2022-January 2023. If the rate decisively closes above the $250 resistance, then the primary upside target will be its 50-day exponential moving average (50-day EMA; the red wave) near $300 in Q3, up around 20% from existing costs. Alternatively, a close listed below $240 would risk crashing price towards $220. The next downside target to view is most likely in the $180-205 area.This article does not consist of financial investment guidance or recommendations if the selloff continues. Every investment and trading move involves threat, and readers should perform their own research when making a choice.

Key BNB rate level to watchBNBs cost rebound likewise comes after a high 25% decline last week, triggered by the U.S. Securities and Exchange Commissions (SEC) suit against Binance, which named BNB as an “unregistered security.”Related: SEC and Binance.US to negotiate deal avoiding overall property freezeIn recent years, BNB price came under pressure due to more comprehensive crypto market declines, as shown below.Each time, BNB price discovered strong assistance near $220, which the bulls will argue must make this level an ideal buy-zone after the SEC-led price drop– if history repeats.As of June 14, BNB/USD trades inside $240-250 range, a debt consolidation area from December 2022-January 2023. If the price decisively closes above the $250 resistance, then the main upside target will be its 50-day rapid moving average (50-day EMA; the red wave) near $300 in Q3, up around 20% from existing prices.