Binance Coin price sees bears to $17.2

Binance Coin price sees bears to

On the 16th of July, the Binance Coin price line fell towards the $16.6 level, while it gradually made its way towards the $17.2 mark as the day came to its end.

1-Day Binance Coin price analysis

Binance Coin price chart 1 - 16 July

Binance Coin price chart by Trading View

Binance Coin traded near the $17.60 mark at the beginning of the day, while it moved to a day’s high of $17.74 US Dollars before 03:00 GMT. After 06:30 GMT, BNB turned bearish and fell towards the $16.60 level, and for the rest of the day’s trade, the cryptocurrency was found trading between the $16.4 and $17.2 levels. At the time of writing, BNB was priced at $17.12 US Dollars.

Binance Coin technical indicators

Binance Coin price chart 2 - 16 July

Binance Coin price chart by Trading View

On the 16th of July, the moving average technical indicators fell towards the $16.60 mark after Binance Coin turned bearish after 06:00 GMT and observed an abrupt fall. At the time, all three of the technical indicators shown in the 1-Day chart above observed a bearish divergence on their scales.

The 20-Day Exponential Moving Average (20EMA) was seen closing the day’s trade at the $17.14 mark, whereas the 50-Day Moving Average (50MA) closed with a value of $17.15.

The Relative Strength Index (RSI) for BNB on the 16th of July, was observed falling towards a day’s low of 4.88 at 06:50 GMT. Such a low value for the technical indicator shows that Binance Coin was extremely oversold at that instance.

At 07:16 GMT, the RSI fell to another low of 16.05, which shows another oversold instance for the cryptocurrency. For its day’s high, the RSI indicator reached 82.30 at 14:43 GMT, which shows that the coin was overbought at the instance. At the time of writing, the technical indicator was observed at 33.98.

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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