- BNB retests $325 support.
- Lower highs still push the market lower.
- Next target at $375.
Binance Coin price analysis is bullish for today as we expect BNB to break out of several-day consolidation in a descending triangle. Therefore, the next price target at $480 should be reached next week.
The overall market trades in the red over the last 24 hours. Bitcoin has remained relatively flat, while Ethereum has lost almost 3 percent. The rest of the market follows this trend of mixed results.
Binance Coin price movement in the last 24 hours
BNB/USD traded in a range of $334 – $348, indicating a moderate amount of volatility. 24 hour trading volume has decreased by 33.45 percent and totals $1.568 billion. Meanwhile, the total market cap trades at $51.8 billion, ranking the cryptocurrency in 4th place overall.
BNB/USD 4-hour chart – BNB moves lower again
On the 4-hour chart, we can see that the market continues to set lower highs with the $325 still holding BNB from further downside.
BNB/USD 4-hour chart. Source: TradingView
The overall market momentum started to become bullish again over the past weeks. After setting a major swing low at $215, BNB/USD started to move higher and reached the $375 resistance, indicating that bears are exhausted and we can expect reversal over the following weeks.
Last week, BNB/USD pushed higher and established a clear higher high at $425, further indicating that bulls are taking control over the overall market price structure. From there, BNB retraced over the past weeks until support was found at the $325 mark.
The $325 support was retested several times from there, with several lower highs establishing a descending resistance trendline. Therefore, we should see breakout early next week with the closest resistance located at the $375 mark.
Binance Coin Price Analysis: Conclusion
Binance Coin price analysis is bullish for today as the market prepares to finally break above the several day long consolidation in a descending triangle pattern. Once BNB/USD breaks higher, we can expect the next minor support at $375 to be reached early next week.
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