Binance Coin price approaches $17.35: price correction next?

The Binance Coin price rested near the $17.35 level on the 10th of June. Sparkster, the TradingView analyst, is of the opinion that BNB price will observe a 13% correction soon. The BNBUSD trading pair varied within a day’s range of $17.25 — $17.61.

1-Day Binance Coin price analysis (10th June)

Binance Coin price chart 1 - Jun10Binance Coin Price Chart by Trading View

BNB traded below the $17.35 mark at the start of the 10th of May, while it gradually moved below the $17.30 level as the day proceeded. Near 18:00 GMT, BNB approached a day’s low of $17.25 US Dollars.

The cryptocurrency followed an uptrend after falling to the day’s low, and the BNBUSD trading pair moved towards a day’s high of $17.61 US Dollars. The cryptocurrency traded at $17.42 US Dollars at the time of writing.

The Relative Strength Index (RSI) rose to a high of 81.44, which means that Binance Coin was overbought at the time the cryptocurrency was bullish. At noon on the 10th of June, the technical indicator was seen at 25.94. The RSI indicator was observed at 60.37 at the time of writing.

Binance Coin: 13$ correction?

Sparkster is a TradingView analyst who believes that Binance Coin may be looking into an upcoming price correction of about 13%.

Binance Coin price chart 2 - Jun10Binance Coin Price Chart by Trading View

The analyst explained that the cryptocurrency’s ongoing momentum on the 3-Day time frame alongside a double-tap movement shows that the BNBUSD pair will see a downward correction of almost 13%.

However, this may not be the case if Bitcoin, the king of the cryptocurrency market, rallies anytime soon and makes the altcoin market follow a bullish trend.

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan holds no liability towards any investments based on the information provided on this page.

Leave a Comment