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Binance Coin price falls below support at $21

Binance Coin price falls below support at

The Binance Coin price saw bears before it approached the 25th of February. The bearish momentum took the price line down and towards the $20 mark.

CryptoColugo is a trading view analyst who discussed the cryptocurrency’s return to its support zone that lay above the $21.3 mark. The analyst believed that the price is supposed to align with a retest of the broken trend line for Binance Coin.

1-Day Binance Coin Price Analysis (25th February)

Binance Coin Price Chart

Binance Coin Price Chart by TradingView

Binance Coin trades at a day’s range of $20.0401754 — $22.1618324, while the cryptocurrency saw a major decline on the 25th of February. The BCHUSD pair saw a bearish market right after 15:00 GMT on the 24th of February. The cryptocurrency saw a continuous price decline, after which the cryptocurrency fell to the $20 after its previous resting price near the $23 mark.

The 20-Day Exponential Moving Average (EMA) closed at $20.3401020, while the 50-Day Moving Average (MA) was placed at $20.2525848. The Relative Strength Index (RSI) was observed at 72.51.

Binance Coin: Predictive Analysis

CryptoColugo pointed out the strong support zone placed above the $21.36 mark. The trading view analyst was of the opinion that BNBUSD would retest as it had reached a strong support zone with multiple touches.

Binance Coin Featured Price Chart

Binance Coin Featured Price Chart by TradingView

It was discussed that the zone was aligning with a retest of the broken trend line. CryptoColugo also suggested a possibility of a tight stop-loss incase the support zone broke.

Featured Image by Philipp Berndt.

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.

Aroosa Nadeem

Aroosa Nadeem

A media graduate and passionate media person Aroosa has a knack for digital media journalism and outreach. She has contributed content to different digital media publishers in a variety of areas including technology, health and finance.

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