Binance Coin price sees recovery towards $23

Binance Coin price has been observed showing retracement towards $23, after its previous fall after overextending towards $26.

The coin approached support near $22, before looking for a price reversal or bouncing back upwards on the price chart for 17th February.

1-Day Binance Coin Price Analysis (17th February)

Binance Coin Price Chart

Binance Coin Price Chart by TradingView

As per the predictive analysis discussed in the last 1-Day price analysis for BNB, the coin was under a bearish MACD, and BNBUSD returned to the $22  mark after showing overextension towards $26. BNB was expected to look for support near $22 before it saw a further increase in price.

The cryptocurrency can be seen showing retracement towards the $23 mark after meeting support near the $22 mark. The cryptocurrency closed on 17th February with a trading price of $23.1003836 US Dollars.

Binance Coin price: Predictive Analysis

Binance Coin Featured Price Chart

Binance Coin Price Chart by TradingView

In the full-featured chart above, the Relative Strength Index (RSI) for Binance Coin BNB can be seen varying between 30.00 and 70.00 on the scale. The RSI moved to lows near 19.00 before noon on 17th February, thus indicating an oversold instance for the coin. Currently, the RSI is placed at 49.39.

The 20-Day Exponential Moving Average (EMA) can be seen tracing near the trading pair, while it closed at $23.1062765. The 50-Day Moving Average (MA) was observed closing above the EMA at $23.1170362.

According to coinmarketcap.com, while being ranked as the ninth cryptocurrency, BNB has a market capitalization of $3,586,136,202 US Dollars and a volume (24h) of $414,658,502 US Dollars as of yet.

Featured Image by Joshua Rawson-Harris.

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.

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