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Binance Coin price analysis: BNB consolidates below $320, prepares to break out of consolidation?

TL;DR Breakdown

  • BNB set higher low yesterday.
  • Resistance around $320 prevents further upside.
  • Next upswing target around $375.

Binance Coin price analysis is bullish for today as the market has set a higher low over the past few days and currently prepared to push higher again. Therefore, we can expect BNB/USD to reach the next target of around $375 next week and continue the several-week bullish momentum.

Cryptocurrency heat map. Source: Coin360

The overall market trades with slightly bearish price action. Bitcoin has remained relatively flat with a small gain of 0.31 percent. Meanwhile, the rest of the altcoins trade in the red, with Solana (SOL) being among the worst performers.

Binance Coin price movement in the last 24 hours

BNB/USD traded in a range of $310.89 – $320.94, indicating a moderate amount of volatility. Trading volume has decreased by 21 percent and totals $1.12 billion. Meanwhile, the total market cap trades around $48.2 billion, ranking the cryptocurrency in 4th place overall.

BNB/USD 4-hour chart – BNB prepares to spike higher?

On the 4-hour chart, we can see the Binance Coin price action establishing a base over the last 24 hours around the $310 mark.

BNB/USD 4-hour chart. Source: TradingView

The overall crypto market trades within an increasingly more bullish price action structure after a sharp spike lower to the $225 mark was seen on the 22nd of June. From a quick spike higher was seen, with BNB/USD eventually reaching resistance around $320. 

A sideways movement followed over the following week until the $320 mark was broken and a higher high was set. This indicates that bulls are still in control and further upside can be expected over the remainder of July.

The next target is located around the $375 mark, and if breached would likely lead to a lot more upside later this month as bulls want to finally reverse the bearish price action structure and reach towards the previous all-time high.

Binance Coin Price Analysis: Conclusion

Binance Coin price analysis is bullish as the market has set another higher low along the several-week ascending support trendline. This BNB/USD price action development should lead towards a lot more upside next week, with the next target around $375 resistance.

While waiting for Binance Coin to set another higher high, read our guide on DeFi advantages, Bitcoin fees, as well as what can you buy with Bitcoin.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

This post was last modified on July 10, 2021 6:46 pm

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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