On the 31st of July, the Binance Coin price line rose past the $20.80 level. Trading Shot, the crypto analyst, believes that BNB will rise towards the $22 mark after a brief rollback of the price.
1-Day Binance Coin price analysis
At the beginning of the 31st of July, the cryptocurrency was trading near the $20 mark. After the first quarter of the day, the cryptocurrency rose past the $20.60 level, after which it traded between the $20.30 and $20.90 levels until the end of the 24-Hour trade. At the time of writing, the BNBUSD pair was observed at $20.47 US Dollars.
What’s next for Binance Coin price?
The Trading View analyst Trading Shot is of the opinion that the BNBUSD pair will see an uptrend after it returns towards the 50-Day Moving Average support line.
Binance Coin price chart by Trading View
The analyst drew an ascending parallel channel for the BNBUSD pair, and they showed that the cryptocurrency currently trades above both of the technical indicators: the 50-Day Moving Average, and the 200-Day Moving Average. The chart above indicates that the cryptocurrency has already tested the upper boundary of the trading channel twice, and now it is expected to tread towards the 50-Day Moving Average support that lies near the $17.10 mark.
As the $17.10 support lies above the support of the parallel trading channel, the cryptocurrency is expected to see another uptrend after it completes this rollback towards the 50-Day Moving Average.
Above the ascending parallel channel, we can observe a resistance at $27.50. If this trade comes into play, the cryptocurrency’s price is expected to rise past the $22 mark.
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.