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Binance Coin Price Analysis: BNB slowly continues to move away from $320, next target at $275?

TL;DR Breakdown

  • BNB continued moving lower overnight.
  • BNB/USD trades around $300.
  • Next target at $275.

Binance Coin price analysis indicates bearish momentum for the next 24 hours as bears continued to push the market lower overnight. Therefore, we expect BNB/USD to see further lows today and continue its way to $275 next major support.

Cryptocurrency heat map. Source: Coin360

The overall market trades in the red over the last 24 hours. Bitcoin has lost almost 1 percent, while Ethereum has around 1.3 percent. Binance Coin (BNB) is among the worst performers, with a loss of around 2.6 percent.

Binance Coin price movement in the last 24 hours: Binance Coin breached the $300 mark again

BNB/USD traded in a range of $295.39 – $312.17, indicating a moderate amount of volatility. Trading volume has decreased by 25.1 percent and totals $1.466 billion. Meanwhile, the total market capitalization trades around $46.2 billion, ranking the 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 price still declining as bears target a new lower low around $275 support.

BNB/USD 4-hour chart. Source: TradingView

Binance Coin price action has turned increasingly more bearish over the past week. After rallying for half a month from the previous swing low of $225 to the $340, BNB/USD could not push any higher on the 12 of July.

A lower high was set around $335, and the market declined from there. A clear lower low was set around $290, and the previous ascending support trendline was broken in a clear way. This Binance Coin price action development resulted in a rally to retest the $320 mark earlier this week, where a clear lower high was set.

From the $320 lower high, BNB/USD started moving lower again over the last few days, with the $300 psychologically important price mark tested overnight. Overall, this should lead towards further downside over the next days until the next significant support around $275 is reached.

Binance Coin Price Analysis: Conclusion

Binance Coin price analysis indicates bearish momentum later today as bears pushed the market lower over the last 24 hours. Therefore, we expect BNB/USD to reach the next support target of around $275. 

While waiting for Binance Coin to decline further, read our guides on DeFi, 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 17, 2021 2:19 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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