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Binance Coin Price Analysis: BNB bears strongly defending $323 resistance

Binance Coin

TL;DR Breakdown

  • Binance Coin price analysis is bearish for today after retesting the $320 support
  • Binance price has witnessed at least a 14 percent increase since last week’s low of $280
  • At the time of writing, Binance Coin is trading at $322 against the US dollar. 

Binance Coin Price Analysis: General price overview

Binance Coin price analysis is bearish for today after the coin retested the $320 support level overnight after dropping from $324 at yesterday’s close. The coin has already shed at least 0.50 percent of its value in the last 24 hours, with technicals in favor of a downswing in the upcoming session. 

The overall virtual currencies market retraced in the last 24 hours and ended up creating bearish price actions for most of the coins. Bitcoin shed 1.56 percent, Doge lost 1.20 percent and worst performer XRP lost 3.5 percent. Ethereum did much of a bullish improvement after retracing 1.34 percent above yesterday’s price on the daily chart. 

Binance Coin price movement in the last 24 hours: Binance Coin retraced to $320 support

BNB/USD price analysis traded between $320 – $325 range after showing increased volatility over the last 24 hours. The trading volume went down 10.11 percent with a sum total daily volume of $1.2 billion. Nevertheless, the total market capitalization improved by a slight 0.54 percent margin to 54 billion. 

BNB/USD 4-hour chart: BNB faces chances of decline

On the 4-hour BNB price analysis chart, Binance Coin is retesting $322 as it prepares for short term gains in the upcoming hours. As well as a strong push against the $323 resistance and above the $325 daily high.  

Binance price has witnessed atleast a 14 percent increase since last week’s low of $280. Resistance turned support at $308 , further solidified the coin’s bullish structure and prevented any downsides below $310. On Monday, BNB/USD broke past a price hurdle at $323 into the $340 region. Thereby suggesting an imminent end into the $280 – $300 bearish structure that had held the price action hostage for days. 

Resistance at $323 is acting as a huge barrier for BNB to make the next milestone on the 4-hour chart. Unless the hurdle is broken, the coin faces chances of breaking below $320. However, solid buyer action could consolidate a few points above between $324 – $328. 

At the time of writing, Binance Coin is trading at $322 against the US dollar. 

Binance Coin Price Analysis
Source: TradingView

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bearish for the next 24 hours as most buyers are strategizing for a dip into the $310 region and then open positions. The weekend’s investors are probably holding their positions or awaiting to break even around $329. Check out our detailed guide on how to trade on Binance exchange and learn more about the Binance Coin. 

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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