Why is BNB price up today?
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...