The Binance Coin price line came to a rest near the $22 level after it fell towards $21. Merrie is a Trading View analyst who believes that the BNBUSD trading pair will rise past the $40 mark.
1-Day Binance Coin price analysis
Binance Coin price chart by Trading View
The BNB price had fallen to a day’s low of $20.99 by 18:00 GMT. Around this time, the Relative Strength Index (RSI) had fallen to 16.91. Such a low value for the RSI indicator means that Binance Coin was oversold at the time. At the time of writing, Binance Coin was observed trading at $22.2 US Dollars.
What to expect from the Binance Coin price?
The Trading View analyst Merrie explained that Binance Coin will either break above an important descending trend-line, or it will observe a pullback and retest the trend-line.
Binance Coin price chart by Trading View
The pullback was supposed to complete a double bottom pattern. The cryptocurrency had previously touched the bottom at the end of 2018, after which it moved towards the $40 level. Merrie suggested that the price line will either touch the bottom again near the $8 to $9 mark, before breaking past the descending trend-line or rise straight towards the $40 level after observing an upward breakout.
The final target price for this trade was laid at the $65 mark. The idea depicts that the BNB price will first move towards the $40 mark, after which it will observe a pullback towards the $30 to $35 level. This pullback is expected to be followed by another bullish run towards the $65 level in the long-term trade.
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.
