BNB
BNB, the native token of cryptocurrency exchange Binance, rose by as much as 4% on Wednesday, following recent declines.
- After falling to a one-year low of $204.40 on Tuesday, BNB/USD rose to an intraday peak of $216.39 earlier today.
- Wednesday’s rally in price comes following a recent bear run, which saw the token fall lower for seven of the last nine sessions.
- The rally coincided with the 14-day relative strength index (RSI) rebounding from a floor at 21.00.
- Price strength is currently tracking at 29.22, which is marginally below a ceiling at 30.00.
- If the ceiling is broken, BNB will likely move above $220.00.
Shiba Inu (SHIB)
Shiba Inu (SHIB) also saw a notable gain in today’s session, recovering from a recent price dive.
- SHIB/USD slipped to a bottom of $0.000007744 during yesterday’s session, before moving to a high of $0.00000832 today.
- The rebound came as the RSI bounced from a floor of around 40.00, with a current reading of 43.92.
- There is a good chance that SHIB bulls are targeting exits around a resistance point of $0.00000885.
Hot Take:
BNB and SHIB have both experienced a bounce in price after recent declines. The rebound in BNB was driven by the RSI bouncing off a floor, and if it breaks through the current ceiling, it could continue to rise. SHIB also saw a recovery and bulls are eyeing a resistance point. Cryptocurrency investors should keep an eye on these tokens as they may present trading opportunities.
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