On the 16th of June, the Binance Coin price line approached the $16.40 mark after trading over the daily chart with ruffled price momentum. The cryptocurrency’s price observed variations between the $16.07 — $16.83 range.
1-Day Binance Coin price analysis (16th June)
BNB price rose across the $16.60 level after starting its trade on the 16th of June. The cryptocurrency shows a series of rises and falls over the day’s chart. After 15:00 GMT, the price turned bearish and fell below the $16.20 mark.
The cryptocurrency returned above the $16.35 mark after 18:00 GMT, while it traded above this price level for the rest of the day’s chart. At the time of writing, Binance Coin was observed trading at $16.39 US Dollars.
Binance Coin price: what’s next?
Merrie is a TradingView analyst who has suggested a couple of scenarios for the BNB‘s next price moves.
Binance Coin Price Chart by Trading View
As per their technical analysis, Merrie has stated that Binance Coin may see a double bottom pattern. In this scenario, the cryptocurrency will turn extremely bearish and fall towards the $8 — $9 range first.
According to the second scenario proposed by Merrie, Binance Coin will rally towards the $40 mark, followed by a short rollback, which will then be followed by another rise towards the $65 level. In this case, the BNB price will turn bullish, break above upper resistances and possibly even reach an all-time high.
However, neither of the scenarios are confirmed yet, and the cryptocurrency’s move highly depends on the altcoin market, which depends on the Bitcoin’s influence.
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.