On the 7th of July, the Binance Coin price line saw a decrease until after 09:00 GMT when the price had turned bullish. The cryptocurrency moved towards the $17.00 mark as it approached the end of the day’s trade.
1-Day Binance Coin price analysis (7th July)
The BNB price line trod below the $16.10 level before 09:00 GMT, after which the cryptocurrency turned bullish and moved past the $16.80 mark prior to 15:00 GMT. At the time of writing, the Binance Coin was priced at $16.94 US Dollars.
Binance Coin technical indicators
Binance Coin Price Chart by Trading View
The moving averages appear bearish for the first 8 hours of the day, after which the cryptocurrency turned bullish. Both of the technical indicators were observed inclining towards the $16.80 mark, after which they observed a short retracement below the $16.60 level.
As the day proceeded towards its end, the moving averages rose past the $16.90 level. At the time of writing, the 20-Day Exponential Moving Average (20EMA) closed at $16.925, whereas the 50-Day Moving Average (50MA) closed above the 20EMA, at $16.929.
The Relative Strength Index (RSI) rose to a day’s high of 90.16 at 13:58 GMT, which means that the cryptocurrency was highly overbought at the time. At two other similar instances, the RSI indicator rose past 80.00 on the scale.
At 15:01 GMT on the 1D chart, the technical indicator had fallen to the 17.54 mark. At the time of writing, the RSI was observed at 49.66.
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.