tl;dr
Binance's native token, BNB, reached a new all-time high at $716 amid a slow uptrend, but market signals indicate a potential drawdown. The founder and former CEO of Binance, Chengpeng Zhao, began a four-month prison sentence for violating the Bank Secrecy Act, coinciding with BNB's price surge. The...
Binance's native token, BNB, reached a new all-time high at $716 amid a slow uptrend, but market signals indicate a potential drawdown. The founder and former CEO of Binance, Chengpeng Zhao, began a four-month prison sentence for violating the Bank Secrecy Act, coinciding with BNB's price surge. The Relative Strength Index (RSI) suggests an overbought market, and Open Interest has rapidly increased, making BNB vulnerable to both further rise and decline. The price could correct to $656 or potentially fall to $618, but a bounce back from $656 could maintain its upward momentum.
BNB’s price broke the previous all-time high of $686, which had been held for over three years. The new ATH sits at $716, which BNB rose to during the intra-day rise. The timing of the new all-time high, however, is interesting. The founder and former CEO of crypto exchange Binance, Chengpeng Zhao, also known as CZ, began his four-month prison sentence this Monday. CZ has been incarcerated in a federal prison in California for violating the Bank Secrecy Act (BSA) he pled guilty to in April this year. However, as the price rose, the chances of a decline also shot up, according to the Relative Strength Index (RSI). RSI is a momentum oscillator that measures the speed and change of price movements, ranging from 0 to 100. It helps identify overbought or oversold conditions in a market, typically using thresholds of 70 and 30, respectively.
Currently, the indicator is well above the threshold of 70.0, sitting in the overbought zone. This zone is synonymous with corrections, as noted during the mid-March rally. Secondly, Open Interest has risen rapidly in the last few days. Open Interest represents the total value of all open contracts in the futures market, including long and short contracts. Currently, BNB’s Open Interest is at $1.1 billion, having risen by $400 million in four days. This shows that investors are optimistic about both a further rise and a decline, making BNB vulnerable.
BNB's price reaching the new high resulted from a 15% increase noted in the last five days. During this period, the altcoin broke past the critical resistance of $618, which had been preventing a rally for almost three months. But with the bullishness saturating, the BNB price could notice a correction in the face of the market cool-down. The aforementioned factors show that while a dip is likely, it may not be too hurtful to the recent gains. The altcoin could slip to $656; losing this support could cause it to fall back to $618. However, a bounce back from $656 could keep BNB’s price above the $650 mark. This way, the altcoin could stick to moving sideways, invalidating the bearish thesis and stoking the fire of a rise.
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Sector: Services-Prepackaged Software
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Dividend Yield: None
PEG Ratio: None
EPS: -2.34
EBITDA: 2.602
P/E Ratio: -0.901
Volume: 310,582,000
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52-Week Change: 0
RSI: 0.196
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Market Cap: 99670000
Dividend Yield: None
EPS: -0.16
PE Ratio: 1.918
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52-Week Low: 106582000
Price to Sales: 4.88
Price to Book: 3.42
Return on Equity: 0.148
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