The Binance Coin price line retraced below the $17.00 level after it had risen above the 18.00 mark on the 31st of May.
The cryptocurrency traded within a day’s range of $16.8121973 — $18.2579960, while it saw a decrease of about 8% of its price at the day’s highest.
1-Day Binance Coin price analysis (31st May)
The cryptocurrency stood right above the $17.60 level at the beginning of the 31st of May. The BNBUSD pair moved across the $18.00 mark and approached a day’s high of $18.2579960 US Dollars.
The cryptocurrency’s price line was observed falling down as the day proceeded towards its end. At the time of writing, the cryptocurrency was valued at $16.9697340 US Dollars.
Binance Coin price technical indicators
The moving average technical indicators showed a brief incline at the beginning of the day, after which the 20-Day Moving Average (20EMA) and the 50-Day Moving Average (50MA) receded below the $17.00 level as the day approached its end. This shows that the cryptocurrency was subjected to a constant decline after the BNBUSD pair approached the day’s highest value. At the time of closure, the 20EMA was observed at $16.9611444, while the 50MA closed at $17.0278985.
The Relative Strength Index (RSI) was observed at its highest at 81.31 during the beginning of the 31st of May. This showed that the coin was overbought at the time, the RSI remained bullish for most of the day. However, after 21:00 GMT, the technical indicator fell to a low of 10.71. This means that Binance Coin was oversold at that instance. At the time of writing, the RSI was observed at 48.03.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan holds no liability towards any investments based on the information provided on this page.