Trade BNB in Futures Market at CoinDCX
Issued on: 23rd Aug’23
Valid upto: 30th Aug’23
Category: Centralized Exchanges
Market Cap: $32,972,992,719
Price Update:
BNB’s price at the time of writing (23rd Aug’23, 11:57) is $214.31, with a 24-hour trading volume increased by 12.55% to $683,025,088. BNB price is up by 2.60% in the last 24 hours according to coinmarketcap.com.
Source: TradingView
Analyzing the above chart:
- BNB USDT is technically oversold and currently rests at a significant support level.
- The previous daily candle closed positively and maintains its position.
- A bullish RSI divergence is observable in the 1-day timeframe.
- Despite being at a 1-year low, the optimistic news of Binance’s reported Bitcoin sales aiming to enhance BNB’s value could yield a positive influence on the token.
- This might lead to a short-term surge of 10-15%.
- Notably, the support level is approximately $205, while resistance levels stand at $230 and $241.70.
- A Long Trading strategy can be assessed between $212.76-$215 with an invalidation below $204.89
- On the upside, one can see a rise of 10-15% toward $230.05 & $241.70 (valid for 7 days)
- It would seem that one should maintain a balanced risk-to-reward ratio and check the use of leverage and position size to ride out current market conditions.
Note: BNB is now available in the futures market in both Go and Pro apps with up to 10x leverage.
LAST 30 DAYS ANALYSIS SUMMARY
| DATE | TOKEN | Strategy (Long/Short) |
TOKEN RETURN% | TOKEN RETURN % (with 8x leverage) |
BTC RETURN% |
| 25-July | DOGE | Long | 6.97% | 55.76% | 0.95% |
| 26-July | WLD | Short | 7.60% | 60.81% | 0.85% |
| 28-July | ETH | Short | 2.53% | 20.27% | 0.36% |
| 1-August | OP | Short | -5.33% | -42.64% | 0.43% |
| 3-August | BCH | Short | 6.39% | 51.12% | -0.52% |
| 4-August | FLOW | Short | 6.16% | 49.28% | -1.90% |
| 4-August | 1000SHIB | Long | 26.16% | 209.30% | 1.41% |
| 7-August | MAGIC | Long | -2.59% | -20.75% | -1.69% |
| 8-August | ADA | Short | 11.27% | 90.19% | -4.27% |
| 11-August | AAVE | Short | 11.53% | 92.22% | -4.15% |
| 17-August | INJ | Short | 15.53% | 124.22% | -12.06% |
| 21-August | RNDR | Short | Trade is live | – | – |
| 22-August | ICX | Short | Trade is live | – | – |
| AVERAGE RETURN | 7.84% | 62.7% | -1.87% | ||
| SUCCESS RATE | 82% |
Return % is calculated based on pricing data as available on the platform and is valid for 15 days from the date of publishing.
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