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Binance Coin Price Analysis: BNB spikes to $320, ready for a further drop?

TL;DR Breakdown

  • BNB moved higher overnight.
  • Spike to $320 resistance seen over the past hours.
  • Next target at $275.

Binance Coin price analysis indicates a bearish sentiment for the next days as a clear lower high was established with a quick spike to $320 resistance. Therefore, we can expect BNB/USD to drop further later this week and reach the $275 support next.

Cryptocurrency heat map. Source: Coin360

The overall market trades in the red over the last 24 hours. Bitcoin has declined by 3.17 percent, while Ethereum by 3.81 percent. Dogecoin (DOGE) and Polkadot (DOT) are among the worst performers, with a loss of around 6 percent.

Binance Coin price movement in the last 24 hours: Binance Coin spikes above $320

BNB/USD traded in a range of $301.66 – $323.89, indicating a moderate amount of volatility. Trading volume has increased by 24.97 percent and totals $2 billion. Meanwhile, the total market capitalization stands around $48 billion, ranking the cryptocurrency in 4th place overall.

BNB/USD 4-hour chart: BNB ready for another wave lower?

On the 4-hour chart, we can see the Binance Coin price action preparing for another push lower after a quick spike above $320, where further upside was rejected.

BNB/USD 4-hour chart. Source: TradingView

The overall price action structure still trades with a bearish sentiment after another strong push lower was seen in June. However, a slightly higher low was set around $225, after which BNB/USD started to rally in June. 

Several higher lows were set, and a clear ascending trendline of support was formed. On Monday, BNB/USD failed to set further highs and quickly spiked below the ascending support trendline, indicating further downside to come later this week.

Binance Coin dropped to $290 and retraced some of the gains from there. This price action development resulted in another lower high set around $320. Since BNB/USD quickly rejected further upside, we can expect a lot more downside to come over the next few days. The $275 previous support area is the next target to look at, and if reached from the current price, it would mean a drop of around 10-12 percent.

Binance Coin Price Analysis: Conclusion

Binance Coin price analysis is bearish for the next days as the market prepares for another strong wave to the downside. Earlier today, BNB/USD violently rejected further upside, which should lead towards the next support target of around $275 over the next few days.

While waiting for Binance COin to move lower again, read our guides 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 15, 2021 5:04 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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