- BNB resisted at the $260 mark.
- Next support at $240.
- Next resistance at $275.
Today’s Binance Coin price prediction is bearish as the previously seen bullish momentum has been stopped by resistance around $260. Therefore, we are likely to see BNB push lower over the next few days.
Cryptocurrency heat map. Source: Coin360
The overall market slowly turns bearish as most of the altcoins are in the red over the past hours. Market leaders, Bitcoin and Ethereum, are still up by 2 percent over the last 24 hours. However, when considering that the momentum has shifted, we are likely to see further downside this weekend.
Binance Coin price prediction: Binance Coin finds resistance at $260, reversal to follow?
BNB/USD opened at $255 after a 9 percent gain yesterday took the market from support around $230 to the resistance at $260. Right now, further upside is heavily rejected, and the market have started to reverse. Therefore, it is likely we see further downside over the next 24 hours.
Binance Coin price movement in the last 24 hours
The BNB/USD price moved in a range of $246 – $261, indicating a good amount of volatility. Trading volume has dropped by 21.68 percent and totals just under $2 billion, meaning that the market has likely lost interest from bulls. The total market cap stands at $39.2, ranking the cryptocurrency in 4th place overall.
BNB/USD 4-hour chart – BNB rejects further upside at $260
On the 4-hour chart, a strong rejection candle has been printed over the last hours. Since this rejection was made right at the previous support/resistance level and the area between both 50 and 100 period moving averages, we are likely to see another push lower soon. Next, support is located around $220, meaning a potential loss of over 13 percent if the support target is reached from the current price level of $254.
BNB/USD 4-hour chart. Source: TradingView
Overall, Binance Coin is in a very bearish price action structure right now. After failing to break through the 300 mark, BNB/USD got rejected lower and started to move sideways for most of the past two weeks.
After establishing resistance at $275 and retesting it several times, BNB finally started moving lower and quickly lost around 16 percent until support was found at $230. From there, the Binance Coin price started to retrace and regained most of the loss until resistance was found at $260.
Right now, BNB/USD rejects further upside and has posted a strong rejection candle over the last hours. Therefore, we can expect Binance Coin to drop further over the weekend. Previous support levels are located at $240 and $230. However, given the current bearish price structure, we are likely to see BNB push through them until the next support level, around $220, is reached. If reached from the current price of $255, it would mean a drop of around 14 percent and an overall good risk/reward short opportunity setup.
From there, we could see the market continue its bearish momentum over the following weeks, meaning that the previous significant support around $200 would probably be tested eventually.
Binance Coin Price Prediction: Conclusion
Binance Coin price prediction is bearish as the price action of BNB/USD starts to reject further upside after reaching support at the $260 mark. This means that Binance Coin should see further downside over the next 24 hours as it looks to set another lower low.
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