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Binance Coin Price Analysis: BNB spikes below $265, retracement to follow?

TL;DR Breakdown

  • BNB moved lower overnight.
  • Support found around $260.
  • BNB/USD ready to retrace.

Binance Coin price analysis indicates bullish momentum to take over later today as a rapid spike lower was seen over the last 24 hours and some rejection for further downside was earlier today. Therefore, we expect BNB/USD to regain some of the loss and retest the $290 previous support as a resistance.

Cryptocurrency heat map. Source: Coin360

The crypto market traded with a substantial loss over the last 24 hours. Bitcoin has declined by 3.55 percent, while Ethereum by 3.41 percent. The rest of the top altcoins have seen an even worse performance with a 5-8 percent loss.

Binance Coin price movement in the last 24 hours: Binance Coin drops 15 percent

BNB/USD traded in a range of $255.85 – $288.17, indicating strong volatility over the last 24 hours. Trading volume has decreased by 19.44 percent and totals $1.8 billion. Meanwhile, the total market cap has declined by 6.43 percent and totals $44.44 billion.

BNB/USD 4-hour chart: BNB spikes to $265

On the 4-hour chart, we can see the Binance Coin price action rapidly moving to the $265 mark and rejecting further downside.

BNB/USD 4-hour chart. Source: TradingView

Binance Coin price action trades in an increasingly bearish price action structure over the past weeks. After a steady rally at the beginning of June, BNB/USD reached the $340 resistance and could not reach further highs. 

After a clear lower high was set around $335 on the 12th of July, BNB/USD spiked below the previous low and found support at $290. From there, Binance Coin set a second lower high around $320 and made a strong push lower.

Overnight, BNB reached $265 next support and started to reject further downside. This should lead Binance Coin towards a retracement back to the upside later this week, with the $290 previous support likely retested as resistance. Once the $290 resistance is retested, we should see a lot more downside later this month, with the $225 mark as the next major price target.

Binance Coin Price Analysis: Conclusion

Binance Coin price analysis predicts retracement later today as the market has reached the previous major support area and rejected further downside. Therefore, we expect BNB/USD to reverse and try to retest the previous major support around $290 as resistance.

While waiting for BNB/USD to retrace, read our guides on DeFi advantages, Bitcoin fees, as well as what you can 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 20, 2021 9:52 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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