While Bitcoin BTC exhibited a death cross technical pattern on the 29th of May, Binance Coin price followed the cryptocurrency king in climbing its daily chart under a bullish momentum.
The BNBUSD trading pair moved past the $17.15 mark on the charts, while it traded within a day’s range of $16.6736481 — $17.1622914.
1-Day Binance Coin price analysis (29th May)
Binance Coin Price Chart by Trading View
The cryptocurrency moved across the $17.15 level on the 29th of May, which followed a ruffled set of price movements for the rest of the trade on the day. At the time of writing, BNBUSD traded at $17.0040124 US Dollars.
Binance Coin: make or break?
Sparkster is a TradingView analyst who believed that the BNBUSD trading pair should turn the weekly momentum in the upward direction, especially if the trading pair moves across the 2-day chart Ichimoku cloud.
Binance Coin Price Chart by Trading View
As per the analyst’s idea, if Binance Coin moves above the Ichimoku cloud shown above, then the initial price target for the cryptocurrency should lie around the $27 mark, followed by a final price target of $39. Currently, the idea seems to be in play as the price line has entered the cloud with a bullish trend.
Binance Coin: gearing up for a strong rally?
In another one of their analyses, Sparkster further clarified that the 2-day Ichimoku cloud shows a promising swing-traders set up and that the recent dip for BNBUSD has been recovered. The analyst further pointed out that the recent candles show momentum back up to the then ongoing resistance level, while the MACD is also positive.
Binance Coin Price Chart by Trading View
The analyst explained that the price has already entered the Ichimoku cloud and the further cloud seems to be quite thin, and it may turn green soon for the BNBUSD trading pair.
The cryptocurrency has seen a rise across the $17 mark, and the idea seems to be in play. If the trading pair moves above the cloud and the idea completes, Binance Coin would see an uptrend towards the $27 mark.