- BNB moved lower overnight.
- Resistance at $375 still holds.
- Minor support at $350.
Binance Coin price analysis is bullish for today as the market retraced over the last 24 hours from the $375 high and looks to establish a higher low. Therefore, we can expect some sideways movement or slight push lower before the market starts to rally again later this week.
The overall trades in the red over the last 24 hours. Bitcoin has lost 1.8 percent, while Ethereum 3.89 percent. SHIB is among the best performers against the overall market with a gain of 21 percent.
Binance Coin price movement in the last 24 hours
BNB/USD traded in a range of $350 – $374, indicating a moderate amount of volatility. 24 hour trading volume has decreased by 20.93 percent and totals $1.55 billion. Meanwhile, the total market cap stands at $54.3 billion, ranking the cryptocurrency in 4th place overall.
BNB/USD 4-hour chart – BNB spikes lower
On the 4-hour chart, we can see the Binance Coin price action moving lower over the past hours as traders want to establish another higher low from which to push higher.
The overall market price structure is still slightly bullish after a higher high was set around the $425 mark on the 3rd of June. From there BNB/USD retraced for several weeks and formed a descending resistance trendline. Additionally, support around the $325 mark was tested several times, meaning that the price action traded in a descending triangle pattern.
On 13th of June, the Binance Coin price spiked above the descending resistance trendline, resulting in another move to the $375 and a slightly bullish price action development. After consolidating around $375, BNB/USD started to retrace yesterday and has reached the $350 mark already.
Therefore, BNB has likely retraced enough to start trading higher latest this week. Next target to the upside is located around the $425 mark, meaning a potential gain of over 20 percent might be seen over the next few days.
However, if Binance moves lower later today, we expect another retest of the $325 support. If the $325 support breaks, the overall market sentiment will turn bearish once again.
Binance Coin Price Analysis: Conclusion
Binance Coin price analysis is bullish as the market has retracted over the last 24 hours and prepares to reverse back to the upside. This means that we should see BNB/USD push towards the next resistance at $425 later this week.
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