On the 7th of August, the Binance Coin price line fell towards the $22.1 mark. The trading pair was observed between the $21.4 and $23 marks over the day’s trade.
1-Day Binance Coin price analysis
Binance Coin price chart by Trading View
After 18:00 GMT, BNB price fell to a day’s low of $21.50 US Dollars. At the time of writing, the BNBUSD trading pair stood at the $22.12 mark.
Binance Coin price in ascending channel
The Trading View analyst Trading Shot believes that the BNBUSD pair will break upwards from the ascending parallel trading channel.
Binance Coin price chart by Trading View
The analyst highlighted an ascending parallel channel on the 1-Day chart for the BNBUSD pair, which started on the 19th of April. The crypto analyst suggested that the cryptocurrency’s price will see a retracement towards the 50-Day Moving Average (50MA) support before it will attempt a retest of the upper boundary of the ascending channel, which may follow an upward breakout.
However, the BNB price line tested the ascending resistance on the 5th of August and bounced back from the resistance instead of breaking above it. The cryptocurrency’s price might return towards the 50MA support now.
BNB price negates upward breakout
The Trading View analyst Trading With The Trend was also of the opinion that the BNBUSD pair will see a breakout of an upside continuation pattern.
Binance Coin price chart by Trading View
The analyst highlighted a triangle pattern and they suggested that the cryptocurrency’s price will break upwards from the trading pattern, while the breakout will follow a rise towards the $24.4 mark.
The analyst drew their idea on the 15-Minute chart for the BNBUSD pair, and on the 6th of August, the order got canceled, where the BNB price traveled towards the $22.1 level instead of breaking upwards.
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.
