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 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.
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.