After an 8.19% increase in seven days, BNB consistently trades in the unproven range. However, BNB decreased by 1.12% in 24 hours and was trading at $243.62 at the time of publication. Additionally, the volume of goods bought and sold is estimated at $348,412,111, experiencing a decline of 11.09% in a matter of days. Will the weekly trend of BNB’s slow decline continue? Or will the merchants consider the prospect of this modest decline?
Using the BNB/USDT chart as an example, it is possible that the candlesticks’ current trajectory will take them into the area of the Bollinger Band that most traders consider to be an uptrend. BNB may have a price correction since the candlesticks have touched the lower half of the Bollinger, also known as the oversold area.
The Bollinger Band Width (BBW) indicator warns that the high volatility market may end soon, but there’s also a risk that the candlesticks will continue to trade in the lower half of the Bollinger Band.
The figures also show that BNB previously encountered a similar situation. BNB saw a pattern reversal and soar to the top-half area of the Bollinger Band last year in June, when it entered the oversold area through the incredibly unstable market. Before entering the market, merchants wish to attend for confirmation.
A closer look at the RSI and RVGI indicators reveals that BNB may see an upsurge this week. A bullish crossover was seen, for instance, even though the RSI was under 30 and in the oversold neighbourhood. However, the RSI created a positive crossover and left the dangers of the oversold region.
In addition, the RVGI created a bullish crossing and kept moving upward, supporting the bullish RSI reading. Additionally, the bullish trend may cause BNB to pass above the 200MA. There may be a high probability that BNB will reach the Resistance level if the candlesticks pass over the 200MA.
Indicators ultimately suggest that BNB might have an uptick this week after experiencing a modest decline earlier.