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BNB price has rebounded more than 10% from its six-month low of $220 as short traders were squeezed alongside rising open interest. The price of BNB (BNB) is up around 3% today, in part due to bearish traders opening more BNB-tied contracts despite suffering losses via liquidations in the past 24 hours. In addition, BNB stands extremely "oversold," which may have prompted traders to buy the dip. BNB price bounces after being "oversold"  On June 14, BNB price climbed nearly 4% to $253. The gains came as a part of a recovery that saw its price rebounding 12% two days after falling to a six-month low of $220. From a technical perspective, BNB's rise on June 14 came on the heels of its "oversold" status. Notably, the daily relative strength index (RSI) dropped to around 16.6 two days ago, its lowest reading since March 2020. BNB/USD daily price chart. Source: TradingView.com An RSI reading below 30 typically precedes a consolidation or recovery period i...

Social media metrics show strong retail investor sentiment behind the ongoing CFX price rally. Conflux Network (CFX) is up nearly 500% in the past week with CFX emerging as one of the best-performing crypto assets in 2023 as China appears to be warming to cryptocurrency trading.  What is Conflux Network? Interestingly, Conflux Network, also known as Shanghai Tree-Graph Blockchain Research Institute, is the only regulatory-compliant, public and permissionless blockchain in China. Conflux is a layer-1 blockchain operating on a hybrid proof-of-work and proof-of-stake mechanism. CFX's price has rallied nearly 1,335% year-to-date (YTD) to reach $0.3254 as of Feb. 24, its highest level in fourteen months. In comparison, the combined market capitalization of crypto assets has surged approximately 45% YTD. CFX/USD daily price chart. Source: TradingView Why is Conflux Network price rallying? Strong fundamentals have primarily driven the CFX price higher in 2023. For instance, the CFX ...

AXS price has formed a "gravestone" doji on its daily chart that coupled with its recent token unlock event hint at a potential bearish reversal ahead. Axie Infinity (AXS) has rallied 135% month-to-date to reach approximately $14 on Jan. 23, its highest level in two months. Nonetheless, the AXS/USD pair could suffer major losses in the coming weeks owing to a flurry of negative technical and fundamental indicators. Axie Infinity price prints "gravestone" doji The AXS price formed a "gravestone doji" candlestick on Jan. 23, which technical analysts view as a bearish reversal pattern. A gravestone doji appears when an asset's opening, closing, and the lowest price comes to be nearly identical except for the highest price, as shown in the chart below. The long upper wick shows that the bears pared all of the gains printed by the candle during the given session. AXS/USD daily price chart featuring gravestone doji. Source: TradingView AXS seems to have b...