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Binance Coin price rests near $22.2, what’s next?

Binance Coin price rests near what s next

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 1 - 25 August

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 2 - 25 August

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.

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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