BNB’s price has rebounded by over 10% from its six-month low of $220, with short traders being squeezed and rising open interest. The recovery comes after the price fell 25% last week following the SEC’s lawsuit against Binance, which named BNB as an “unregistered security.” BNB’s rise on June 14 came after it was deemed “oversold,” with the daily RSI dropping to around 16.6, its lowest reading since March 2020.
– BNB’s price has rebounded by over 10% from its six-month low of $220
– The recovery comes after the price fell 25% last week following the SEC’s lawsuit against Binance, which named BNB as an “unregistered security”
– BNB’s rise on June 14 came after it was deemed “oversold,” with the daily RSI dropping to around 16.6, its lowest reading since March 2020
– An RSI reading below 30 typically precedes a consolidation or recovery period in the market
– BNB open interest has reached a one-month high of around $377 million, coinciding with an overall downtrend
– If the price decisively closes above the $250 resistance, then the primary upside target will be its 50-day exponential moving average near $300 in the third quarter, up around 20% from current prices