- BNB moved lower yesterday.
- Support found around $325.
- Market prepares to push higher.
Binance Coin price analysis is bullish for today as bears could not push the market any lower overnight and bulls are preparing to push BNB/USD back towards the $375 resistance.
The overall market trades with a slight bearish momentum over the last 24 hours. Bitcoin is down by 5.2 percent, while Ethereum 4.2 percent. Ripple (XRP) and VeChain (VET) are among the worst performers with a loss of 5 percent.
Binance Coin price movement in the last 24 hours
BNB/USD traded in a range of $328 – $354, indicating a moderate amount of volatility. Trading volume has increased by 11 percent and totals $1.56 billion. Meanwhile, the total market cap stands at $52.2 billion, ranking cryptocurrency in 4th place overall.
BNB/USD 4-hour chart – BNB spiked lower yesterday
On the 4-hour chart, we can see the Binance Coin price retracing to the $325 support again and rejecting further downside for now.
The overall price action structure is still neutral as BNB/USD has moved sideways for the past week with the $325 mark serving as support and the $375 mark as a resistance. This market development comes after a new swing high was set at the $425 mark at the beginning of June, indicating that bulls are looking to regain control.
Over the past days, the Binance Coin price action approached the $375 mark, after which the following retracement tested the $325 support for the second time. This means that bears are likely exhausted and the market is ready to reverse higher again.
Overnight, a slight consolidation area was established around the $325 mark, meaning that we can expect a move higher from there. Therefore, once BNB/USD can move above $346 current local resistance, a lot more upside is expected.
From there, the next target is located at the $425 mark as it is where the previous swing high was set. A further target is located at $480 and would mean a gain of around 40 percent from the current price level.
Binance Coin Price Analysis: Conclusion
Binance Coin price analysis is bullish as BNB/USD failed to move lower and retested the $325 mark. This should lead Binance Coin towards another move higher next week, with the $375 mark as the next resistance.
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