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Binance Coin price appears to be uncertain as it moves towards $16

Binance Coin price appears to be uncertain as it moves towards

The Binance Coin price line moved towards the $16.00 mark. The cryptocurrency does not appear to have a certain direction for its price movements as it continues to stumble on the price charts.

1-Day Binance Coin price analysis (1st July)

Binance Coin price chart 1 - 1 July

Binance Coin Price Chart by Trading View

On the 1st of July, Binance Coin was traded at $15.97 US Dollars at the time of writing.

The technical indicator movement for Binance Coin

Binance Coin price chart 2 - 1 July

Binance Coin Price Chart by Trading View

The moving averages were observed curving towards the $15.90 level on the first of July 2020. The 20-Day Exponential Moving Average (20EMA) closed at $15.91, whereas the 50-Day Moving Average (50MA) was observed closing at $15.86. Both of the technical indicators stood below the $15.40 mark during the first quarter of the day’s trade.

The Relative Strength Index (RSI) moved across the mark 80.00 four times on the RSI scale over the daily chart. For the day’s highest, the RSI diverged towards 91.18 at 08:15 GMT. This shows that Binance Coin was overbought at such instances. At the time of writing, the RSI indicator was observed at 75.06.

Binance Coin price shows no certain direction

Sparkster is a TradingView analyst who believes that Binance Coin is currently showing no direction of movement.

Binance Coin price chart 3 - 1 July

Binance Coin Price Chart by Trading View

While explaining the BNBUSD trading pair’s movements, the analyst related the cryptocurrency to a stumbling drunk sailor at night; the cryptocurrency appears to be stumbling upwards and downwards on its price charts.

BNB price has not been able to find a strong leg that may lead the cryptocurrency to an uptrend. The short-term moving averages have almost converged, while the chance of any potential on the trading pair’s charts is still to be observed.

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.

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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