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Binance Coin Price Analysis: BNB moves away from $320 high, set for further downside over the weekend?

TL;DR Breakdown

  • BNB established lower high overnight.
  • Market price moved lower earlier today.
  • Bears currently prepare to break $300.

Binance Coin price analysis indicates bearish momentum over the next 24 hours as a clear lower high was established overnight. This price action development should lead BNB/USD towards further downside over the weekend, with the next major support around $275.

Cryptocurrency heat map. Source: Coin360

Cryptocurrency market trades in the red over the last 24 hours. Bitcoin has remained flat, while Ethereum has declined by 1.14 percent. The rest of the top altcoins follow Ethereum with a slight decline.

Binance Coin price movement in the last 24 hours: Binance Coin moves lower again

BNB/USD traded in a range of $301.93 – $323.00, indicating strong volatility. Trading volume has slightly declined and totals $1.94 billion. Meanwhile, the total market capitalization stands around $47.4 billion, ranking cryptocurrency in 4th place overall.

BNB/USD 4-hour chart: BNB ready to reach $275?

On the 4-hour chart, we can see the Binance Coin starting to push away from the $320 high today as bears prepare to reach further downside over the weekend.

BNB/USD 4-hour chart. Source: TradingView

The overall market structure has turned bearish again after a several-week rally started at the end of June. After spiking to the $225 mark on the 22nd of June, BNB/USD slowly traded higher until the $340 high was reached.

What followed was a failure to move higher as BNB peaked at around $335 and set a clear lower high. From there, BNB/USD broke past the several-week ascending trendline of support and set a lower low around $290. 

Earlier this week, the Binance Coin price retraced towards the $320 mark to retest it as a resistance. Since further upside was rapidly rejected, BNB/USD reversed and started pushing lower earlier today. This price action development should lead BNB towards further downside over the weekend, with the $275 mark as the next major price target.

Binance Coin Price Analysis: Conclusion

Binance Coin price analysis is bearish for today as a clear lower high was established overnight, and bears have started to push BNB/USD towards further lows. Therefore, we can expect BNB/USD to reach the next support target at $275 over the weekend, which would mean a drop of around 10 percent from the current price. 

While waiting for Binance Coin to drop further, read our long-term price predictions on BitTorrent, Uniswap, as well as Siacoin.

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 16, 2021 3:16 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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