- Binance Coin follows the market into the high and the crash today.
- Market volatility affecting Binance Coin prices as well.
- Descending channel broken at $26.6 low.
- Analyst observes a crossroad pattern for the stable coin.
1-Day Binance Coin price analysis
The BNB price line was observed at the $27.13 mark at the time of writing on Binance. Per the chart above, the cryptocurrency approached the highest price of $28.71 US Dollars for the day by 10:00 GMT.
What to expect from the BNB price?
The Trading View analyst IUFCFA is of the opinion that the cryptocurrency will move towards the $25 mark.
The cryptocurrency began to rise on an ascending trend line by the 5th of September. An important support structure lies near the $25.48 mark, while a breakout below this structure will allow more selling position to the traders of the BNBUSD pair. The target price for this trade lies at $25.53.
In which direction will the BNB price be moving next?
The Trading View analyst IUFCFA believes that the BNB price is waiting for a breakout, after which it will either travel above the main trend or below the main trend.
There are two possible scenarios for the BNB price, as suggested by the idea. Per the first case, the price line will break above the main trend that appears to be descending above the BNBUSD trading pair. If the currency confirms a breakout above this trend line, the price will rise towards the $29.5 resistance.
Per the second scenario, the cryptocurrency will bounce off the main trend and break below the W wave pattern. In this case, the price will fall bearish and move towards the $25.95 level.
Binance Coin forms the cup pattern
The Trading View analyst Tickeron believes that the cryptocurrency will observe a breakout above the $28.2 mark soon and rise towards the $29.5 level.
Per the analyst, once the cryptocurrency finally breaks above the $28.2 level, the traders should trade with an uptrend. The analyst highlighted a cup pattern forming on the 1-hour chart for the BNBUSD pair. The cup began forming on the 17th of September, where it initially formed an upright U pattern. In the afternoon of the 18th of September, the price line continued to fall towards 4 on the chart, thus completing the cup pattern.
The right cup lip is a bullish pattern, and it indicates an upcoming bullish trend. This means that after the confirmation of the cup, the BNB price will rise towards the $28.2 resistance and observe a breakout here. The target price for this trade lies at $29.5.
Binance Coin technical indicators
The Bollinger Bands observed an increase in volatility near 10:00 GMT on the 18th of September. At the time, the price had risen towards the highest values for the 24-hour trade. Just before 10:00 GMT, the Relative Strength Index (RSI) moved to a high of 89.57. This means that the cryptocurrency was overbought during that time. The Bollinger Bands depicted contraction and thus decreased price volatility, as the day proceeded towards its end.
Disclaimer: The information provided is not a trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.