- Binance Coin traded in an ascending channel throughout the day.
- BNB price finds strong support at the $26 mark.
- Analyst believe a rise in imminent that may tak price as high as $40.
The Binance Coin price line observed a descending slope over the 1-day chart for the 17th of September. Crypto analysts on Trading View are of the opinion that the BNB price will rise towards the $40 resistance next.
1-Day Binance Coin price analysis
The BNB price line rose to a day’s high of $28.82 US Dollars at 00:58 GMT. As the day proceeded, the cryptocurrency’s price trajectory slowly formed a downward graph. By 16:24 GMT, BNB had reached the day’s low at $26.02 US dollars. At the time of writing, Binance Coin was priced at $26.48 US Dollars.
Will BNB price see an uptrend to $40?
The Trading View analyst Rocket Bomb believes that the BNB price line will rise towards the $37.5 mark soon. The analyst highlighted two ascending channels on the 1-day chart for the BNBUSD trading pair.
The cryptocurrency made its way through the first ascending parallel channel during the first quarter of 2019, after which the price line rose towards the $40 resistance. The cryptocurrency has been trading below this key resistance ever since the bounce-off. During March 2020, the cryptocurrency formed another ascending parallel trading channel, while it has recently broken above the trading channel.
Rocket Bomb is of the opinion that the BNB price line will gradually move towards the $40 resistance to retest it. The analyst set buy and sell orders for the cryptocurrency. The first buy order was marked at $23, followed by $29. The first sell order was marked at $33, followed by $40.
What to expect from Binance Coin’s price?
The Trading View analyst Trading With The Trend is of the opinion that the BNB price line will see a bull run towards the $40 resistance. The analyst believes that Binance Coin will complete its 5th wave towards the $40 mark, while the trade began from a broadening wedge pattern on the 4-hour chart for the BNBUSD trading pair.
Per the analyst, on the smaller time frames, another smaller broadening wedge can be observed being created by the BNB price line. The BNB price may drop towards the 0.618 retracement level, while the final and 5th path may be completed by an impulse wave.
The cryptocurrency entered the broadening wedge during the first week of August 2020, after which the price traveled straight until September. On the 3rd of September, the cryptocurrency observed a significant fall as the cryptocurrency market turned bearish. After the 6th of September, the price line has been traveling in an uptrend until it met the upper boundary of the broadening wedge and broke past the upper trend line.
The cryptocurrency formed a smaller broadening wedge after observing a breakout from the bigger broadening wedge. On the 17th of September, the price line was expected to continue the uptrend; however, Binance Coin fell towards the $26.5 level.
Binance Coin technical indicators
The Bollinger Bands exhibited increased volatility during the first half of the 17th of September. The Moving Average Convergence Divergence (MACD) technical indicator depicted a sell signal near the time of writing.
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.
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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.
