#BNB #ShibaInu #cryptocurrency #cryptoexchange #priceanalysis #RSI #memecoin #cryptomarket
BNB, the native token of cryptocurrency exchange Binance, experienced a rebound on Wednesday after hitting a one-year low. The decline in BNB’s price occurred amidst allegations that Binance had assisted sanctioned Russian clients in moving funds abroad. On the same day, Shiba Inu (SHIB), a meme coin, also saw a rise in its price following recent losses.
After dropping to $204.40, its lowest point in a year, BNB/USD surged to a peak of $216.39 during the day. This rally comes after a bearish run that caused the token to fall in seven out of the last nine sessions. Notably, the price increase coincided with the rebound of the 14-day relative strength index (RSI) from a floor at 21.00. With a current RSI reading of 29.22, BNB’s price strength is on the verge of breaking the ceiling at 30.00, which may potentially push it above $220.00.
In a similar vein, Shiba Inu (SHIB) also experienced a recovery after a recent price dive. SHIB/USD hit a bottom of $0.000007744 before climbing to a high of $0.00000832. This rebound came after SHIB broke below a key price floor of $0.00000790. Like BNB, the increase in SHIB’s price correlated with the RSI bouncing off its floor around the 40.00 mark, with a current reading of 43.92. At present, it appears that SHIB bulls are aiming for a resistance point of $0.00000885.
Do you anticipate Shiba Inu reaching the aforementioned target this week? Share your thoughts in the comments.
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