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Binance Coin price retraces to $16.40 after a brief downtrend

Binance Coin price retraces to after a brief downtrend

On the Binance Coin price chart, the trajectory moved short towards the $16.00 level before returning to the $16.40 mark. BNB price continued to hold the price level through most of the day’s trade.

1-Day Binance Coin price analysis (16th June)

Binance Coin price chart 1 - 17 June

Binance Coin price chart by Trading View

The price can be seen under a gradual uptrend that led the trajectory across the $16.60 level for the first half of the day. After peeking across the $16.60 ceiling, the cryptocurrency’s price line dove back towards the $16.00 bottom.

Near 20:05 GMT, the price began its upward move, and the journey continued until BNB price touched the $16.40 level again. At the time of writing, the trading pair was marked at $16.38 US Dollars.

The Relative Strength Index (RSI) bottomed at 20.38 near 20:00 GMT. The low value for the technical indicator shows that BNB was oversold at the time.

Binance Coin price on technical indicators

Binance Coin price chart 2 - 17 June

Binance Coin price chart by Trading View

The moving averages can be observed while forming a zigzag pattern at the beginning of the day with short peaks in the first quarter of 16th June. The technical indicators depict movement between the $16.30 and $16.50 marks during this period.

In the afternoon, the BNB price appears to have broken above the $16.60 mark. The coin achieved a day’s high of $16.61 US Dollars. Subsequently, the cryptocurrency moved down on the price chart until it slipped below the $16.00 mark. The day’s lowest standing for BNB was observed at $15.97 US Dollars.

The 20-Day Exponential Moving Average (EMA) exhibited closure at $16.37, whereas the 50-Day Moving Average (MA) stood at $16.37 at the same time.

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.

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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