Binance Coin price returns below $17.00

The Binance Coin price line observed a sharp fall towards the $16.75 mark after it had risen across the $18.10 level. The cryptocurrency traded within a day’s range of $16.7576169 — $18.1784699.

1-Day Binance Coin price analysis (2nd June)

Binance Coin Price Chart by Trading View

At the start of the 2nd of June, the BNBUSD pair was observed at the $17.80 level, after which the cryptocurrency gradually made its way above the $18.10 mark.

At 15:30 GMT, the trading pair fell to a low of $16.7576169. After the abrupt fall, the cryptocurrency continued to trade above the $17.10 level for the rest of the day. At the time of writing, the BNBUSD trading pair was observed at $17.1836994.

Binance Coin: technical indicators

Binance Coin Price Chart by Trading View

For the BNBUSD pair, the moving average technical indicators showed a gradual uptrend on the 2nd of June. The technical indicators can be observed crossing the $18.10 level, while they fell towards the $17.00 mark in the evening.

The 20-Day Exponential Moving Average (20EMA) and the 50-Day Moving Average (50MA) held above the $17.10 mark for the rest of the day. At the time of the day’s closure, the 20EMA was observed at $17.2086220, while the 50MA closed above the 20EMA, at $17.2423498.

The Relative Strength Index (RSI) was observed above 40.00 for most of the day, while it fell to a low of 3.88 at the time of the fall.

This shows that BNB was extremely oversold at the time. Gradually, the RSI recovered and returned above 50.00 on its scale. The RSI remained between the 30.00 — 70.00 range for the rest of the day’s trade. At the time of writing, the RSI was observed at 33.72.

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.