The Binance Coin price continues to vary near $16.50, while the TradingView analyst, CryptoComes, believes that the cryptocurrency may test the $18 resistance in the first days of June. On the weekly chart, the cryptocurrency exhibited a drop of over 1.8%.
1-Day Binance Coin price analysis (27th May)
On the 24-hour chart, the BNBUSD pair’s movement constituted an increase of about 1% in the cryptocurrency’s price. The price line gradually moved towards the $16.50 level, while it rested above the $16.20 mark through most of the day’s trade.
On the daily chart, the Relative Strength Index (RSI) moved towards 85.00 on its scale for the afternoon of 27th May. This shows that Binance Coin was overbought at that time. At the time of writing, the cryptocurrency traded at $16.3904755 US Dollars.
According to coinmarketcap.com, with a market capitalization of $4,301,129,657 US Dollars, Binance Coin is ranked at the 8th position on the list of top cryptocurrencies by their market capitalization.
Binance Coin: uptrend towards $18?
As per the crypto analyst, BNB has shown a decrease of over 1.8% over the past week, and the cryptocurrency holds the potential for an uptrend.
CryptoComes explained that the coin had formed a bullish divergence on the daily time interval while the trading volume remains high.
This means that if this situation continues and the cryptocurrency holds its current support, the BNBUSD trading pair will look towards testing the $18 resistance in the first days of June. While this idea is currently in play, the cryptocurrency still rests near the $16.50 mark.
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.