As the altcoin market turned bearish on the 19th of August, the Binance Coin price line followed the downtrend and moved to the $20 mark. The cryptocurrency traded between the $21.8 and $23.4 levels over the day.
1-Day Binance Coin price analysis
For the day’s highest, the BNB price approached $23.24 mark. The lowest price for the cryptocurrency on the 19th of August was $21.87 US Dollars. In the last quarter of the 19th of August, the cryptocurrency traversed towards the $22.4 level, just after it marked the day’s low. At the time of writing, Binance Coin was priced at $22.07 US Dollars.
What to expect from the Binance Coin price?
The Trading View analyst Soft Pips is of the opinion that the BNBUSD pair will rise towards the $43 mark as it has broken above a descending trendline.
Binance Coin price chart by Trading View
As per the idea, the BNB price is observing a long-term compression after it has broken out of a descending trendline. The analyst believes that the price line may also fall to a pullback here, so the traders should be careful while entering this trade.
If BNB falls below the $11 mark, this trade will be invalidated. The demand zone lies between the $12 and $18 levels and the cryptocurrency’s price trajectory is expected to follow the bulls and reach past the $40 mark. The target price for this trade was marked at $43.32 US Dollars.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.