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Binance Coin price rests above $17.30: what’s next?

Binance Coin price rests above what s next

The Binance Coin price line varied near $17.30 for the day’s trade after it had risen across the $17.50 mark. Anonymous Trader Academy, a TradingView analyst, suggests that BNBUSD will meet the $75 target for a long trade.

1-Day Binance Coin price analysis (9th June)

Binance Coin price chart 1 - Jun9Binance Coin Price Chart by Trading View

Binance Coin rose above the $17.50 mark and approached a day’s high of $17.54 US Dollars in the first hour of the day. Subsequently, the price fell down on the charts and reached a day’s low of $17.06.

The cryptocurrency returned towards the $17.30 level shortly after the fall. At the time of writing, BNBUSD traded at $17.37 US Dollars.

Binance Coin price; what to expect?

Trading view analyst Anonymous Trader Academy believes that EOSUSD should see an uptrend towards the $75 mark in the long-term trade. However, this can take several months to play until the end of the year 2020 or mid-2021.

Binance Coin price chart 2 - Jun9

Binance Coin Price Chart by Trading View

If this trade plays, then the cryptocurrency will see a downtrend before it can see turn bullish and move towards $75 in the broadening wedge pattern. The return on investment for this trade will be 500% once it is completed.

Binance Coin price on technical indicators

Binance Coin price chart 3 - Jun9

Binance Coin Price Chart by Trading View

The moving averages traced trajectories between the $17.00 — $17.60 range for the 9th of June. At the beginning of the day, the technical indicators rose across the $17.50 mark for a brief instance, after which they dropped below the $17.10 level for a short period.

The 20-Day Exponential Moving Average (20EMA) and the 50-Day Moving Average (50MA) returned towards the $17.30 level shortly after the fall. At the time of closure, the 20EMA was at $17.37, while the 50MA was observed at $17.36.

The Relative Strength Index (RSI) fell to a low of 15.21 at the time the BNBUSD pair fell below the $17.10 mark. This shows that the coin was oversold at the time. At the time of writing, the RSI was at 45.10.

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.

Johnson Go

Johnson Go

Blockchain enthusiast, project management specialist, writer and crypto investor. JG deals mostly with problems and solutions of crypto projects and provides market outlook for investments. He contributes his analytical skills to projects.

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