- BNB moved lower yesterday.
- Support found around $350.
- Closest resistance at $375.
Binance Coin price analysis is bullish for today as the market established a support around $350 overnight meaning a new higher low. Therefore, we can expect BNB/USD to spike above the $375 resistance and reach towards the $425 mark later this week.
The overall market trades with mixed results over the last 24 hours. Bitcoin is down by 0.77 percent, while Ethereum 1.74 percent. Solana (SOL) and Theta (THETA) are among the best performers with a gain of 6-7 percent.
Binance Coin price movement in the last 24 hours
BNB/USD traded in a range of $343 – $362, indicating a moderate amount of volatility. Trading volume has increased by 15.61 percent and totals $1.726 billion, meanwhile the total market cap stands at $55.3 billion, ranking the cryptocurrency in 4th place overall.
BNB/USD 4-hour chart – BNB established swing low at $350
On the 4-hour chart, we can see BNB retracing yesterday and setting a higher swing low at $350. This should lead the Binance Coin price towards setting a new major swing high above $425 over the next week.
BNB/USD 15-minute chart
Looking at the short term Binance Coin price action development we can see that a consolidation base was formed above $346 mark overnight after a strong push lower yesterday. Earlier today, BNB/USD broke above the consolidation and reached towards the next resistance at $362. This means that a higher low has been established and we can expect BNB to move higher after some retracement later today.
The overall Binance Coin price action trades within an increasingly bullish price action structure over the past weeks. This comes after a sharp retracement of over 70 percent during the second half of May. Since further downside was heavily rejected around $215, we can expect that bears are exhausted and the market will start trending higher again over the next weeks.
In the beginning of June, BTC/USD set a strong higher high to the $425 mark. From there the current retracement began and lasted for almost two weeks. Support was found and retested several times around the $325 mark, indicating that bears are exhausted.
Additionally, a descending resistance trendline was formed as the market traded in an increasingly tighter range. However, on the 13th of June, BNB broke higher and retested the previous high at $375. From there another several day retracement was seen with $345 mark preventing further downside.
Therefore, we can assume that the Binance Coin price action has established a higher low, from which to move higher later today. First BNB has to break the $375-$380 previous local high. From there, the market will likely rally much higher to test the previous major swing high at $430. Once the $430 mark is broken, BNB/USD should start pushing higher with increasingly stronger momentum and break the current all time high at $690.
Alternatively, if the current low around $345 fails to hold, the next support is found around the $325 mark. If further downside is seen, the overall several-week price action structure will turn very bearish and we can expect a lot more downside from there.
Binance Coin Price Analysis: Conclusion
Binance Coin price analysis is bullish as a higher swing low has been set overnight. This should lead BNB/USD towards new highs over the next few days, with the first major resistance level to be broken at $380. From there we should see the BNB rally towards the previous all-time high.
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