The Binance Coin price line fell towards the $22.7 mark after rising above the $23.2 level on the 6th of August. The cryptocurrency traded between the $22.5 and $23.4 marks over the day.
1-Day Binance Coin price analysis
Before closing the day’s trade, the cryptocurrency’s price trajectory fell to a day’s low of $22.54, while the day’s highest for the 6th of August was $23.32 US Dollars. At the time of writing, Binance Coin was observed trading at $22.78 US Dollars.
What to expect from Binance Coin price?
The Trading View analyst Dollero Technology is of the opinion that the BNBUSD pair will rise towards the $26 mark.
Binance Coin price chart by Trading View
The analyst recalled the rise after the sharp fall in March 2020, which led to a triangle trading pattern where the cryptocurrency’s technical indicators were allowed to rest. The analyst believes that the current ascending trendline that they’ve drawn for the BNBUSD pair in the chart above is very important. It is imperative for Binance Coin to hold both, the trendline and the high volume of purchases. If the cryptocurrency breaks below the ascending trendline, then this trade will be canceled.
This trade highlights an ABC correction pattern for the BNBUSD pair while the cryptocurrency is expected to rise to a minimum target price of $26.28 US Dollars. If the BNB price makes its way to the first target price, it is expected to rise to a high of $27.55.
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.