The Binance Coin price line rose above the $20.1 level on the 30th of July, while the cryptocurrency traded within the day’s range of $19.54 to $20.13.
1-Day Binance Coin price analysis
The BNB price line stood just above the $19.70 mark at the beginning of the 30th of July. The cryptocurrency’s price gradually moved between the $19.50 to $19.80 range in the afternoon.
After 18:00 GMT, BNB experienced a bullish momentum, and the price moved towards the $20.10 mark. At the time of writing, Binance Coin traded at $19.99 US Dollars.
What’s next for Binance Coin price?
The Trading View analyst Peyman RMI suggested that the BNBUSD trading pair will see an uptrend across the $24 level.
Binance Coin price chart by Trading View
The analyst highlighted a possible wave correction that would lead the BNBUSD pair towards the $24.1 level. The cryptocurrency has been trading inside an ascending parallel channel that can be observed in the chart above. The trajectory for BNB is shown below the midpoint for the ascending parallel channel, while the fifth wave correction is expected to move the cryptocurrency’s price above the midpoint of the parallel trading channel.
If this idea comes into play, Binance Coin’s price should rise towards the resistance that lies at the $24.19 mark, and the rise may allow BNB price a chance to break above the ascending parallel channel. An upwards breakout of the ascending parallel channel will turn the cryptocurrency bullish.
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.