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Binance Coin price falls short towards $16.60

bnb featured image may

On the 20th of May, the Binance Coin price line exhibited a short rollback as BTC briefly fell over its price chart for the day. The BNBUSD pair fell below the $16.60 level, while it held the nearest support and continues to trade above it.

1-Day Binance Coin price analysis (20th May)

Binance Coin Price ChartBinance Coin Price Chart by TradingView

The BNBUSD pair traded between the $17.10 and $17.30 levels for most of the day. After 15:00 GMT, the price line abruptly fell towards the $16.50 mark, after which it gradually made its way back towards the $17.00 level. At the time of writing, Binance Coin traded at a price of $16.8732187 US Dollars.

Binance Coin: technical indicators

Binance Coin Featured Price Chart

Binance Coin Price Chart by TradingView

On the 20th of May, the moving average technical indicators for the BNBUSD pair depict a short pullback for the cryptocurrency. The cryptocurrency fell from the $17.30 level to the $16.60 mark. After the fall, both of the moving averages gradually made their way towards the $17.00 level before the day concluded. The 20-Day Exponential Moving Average (EMA) closed at $16.8705814, while the 50-Day Moving Average (MA) closed at $16.8819860.

The Relative Strength Index (RSI) was observed varying between its normal range, between the marks 35.00 and 70.00 on its scale. As per the full-featured chart for the 20th of May, the RSI fell to a low of 7.96 on the hourly time frame. This shows that Binance Coin was oversold at the time. The RSI recovered after some time and turned bullish. At the time of writing, the RSI was observed at 50.19.

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.

Taha Farooqui

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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