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.
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.
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.
On the 4-hour chart, we can see the Binance Coin price still declining as bears target a new lower low around $275 support.
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 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.
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
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