The BNB/USD trading pair has retraced a bearish movement in the last 24 hours on the Binance coin price analysis. On Sunday, the coin broke below the first major resistance at $308 and touched the $298 support early this morning.
From here as Binance Coin hovers around $300, the pattern could trend either side, strong bullish development is crucial to support a breakout above $308. This price action will see the coin consolidate buyer strength towards the main target above $320.
The overall crypto market has been trading within the red zone since the close of yesterday. Binance Coin shed 2.42 percent, Bitcoin lost 0.47 percent, while Ethereum, Dogecoin, Cardano, and Luna declined by 3.06, 4.17, 1.2, and 3.75 percent respectively.
According to the daily Binance coin price analysis, the BNB/USD pair is trading between a 24-hour range of $297 – $303.The daily range is compact indicating low volatility.
Trading volume declined by 5 percent to $234 M while market capitalization stood at $50 billion. Ranking 4th place overall among the top cryptocurrencies by market cap, according to Coinmarketcap.
The 4-hour chart analysis suggests bearish weaknesses as Binance coin prepares for a pullback below the psychological support at $300. A quick dash towards $305 was rejected by the $304 upside, correcting the coin back to $301. At the time of writing, Binance coin is trading at $301.54. The general price structure is a head and shoulder pattern with the neckline passing through the major trendline across $299.
Two important price hurdles for the current price include the $308 and $321 resistance that is sitting in the way between BNB and the overhead $330 goal.
The current price zone is indicative of the price rally that started from the $225 June low, spiking the coin into a record 2-month high at $340.
Market participants can anticipate higher gains if bulls are able to consolidate more market support and prevent break-even sellers at the $300 mark.
The second lower support at $275 is the next bearish target. Meanwhile, the trendline dropping towards this price mark indicates high chances of a record drop into the $250 region.
BNB/USD price analysis is bearish today and could be so in the upcoming sessions. The overall market is still trading sideways with slight indications of a bullish preparation.
Price pattern waves are stronger towards the downside and earlier today, Binance almost broke below the main support. In the meantime, as you ponder on your next market move, go through our peer-to-peer bitcoin usage guide and learn more about the blockchain.
This post was last modified on July 19, 2021 8:28 am
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