Binance Coin Price Analysis: BNB/USDT hits $390 on the daily chart after rallying 15 percent

TL;DR Breakdown

  • Binance Coin Price Analysis remains bullish for the upcoming 24 hours
  • The BNB/USDT opened the day at $371
  • The weekend breakout above the $345 and $350 cleared the path to a $400 rally

Binance Coin Price Analysis: General price overview

Binance Coin Price Analysis remains bullish for the upcoming 24 hours after undergoing a rapid upswing from the $350 region to the $384 mark. 

An upward correction that beat our expectations, after Cryptopolitan predicted the coin would thrust the $360 resistance and hit its $379 target. 

The exchange token opened the daily chart at $371, attracting huge buyer volumes that drove the price upwards. 

Overall, the cryptocurrency market is performing bullishly, with Axis Infinity (AXS) recording a 66 percent gain on the 24-hour chart, a rally that saw the altcoin move from $44 to $73. Bitcoin and Ethereum are up by 1.20 and 2.34 percent. ADA saw a 21 percent gain while XRP hit a 10 percent increase on the daily chart. Since May 16th, the overall cryptocurrency market has hit a $1.9 trillion market cap for the first time. 

Binance Coin price movement in the last 24 hours

The BNB/USDT on the 24-hour Binance Coin price analysis opened the day at $371.Buyers showed up in large volumes and steered the price to a daily high of $389. Further solidifying August’s bullish validation and the chances of setting a higher all-time high. BNB has not been this high since the May crash. 

The daily range is immensely expanded from an intraday low of $371 to an intraday high of $389. Furthermore, the price is still rising, with the bullish outlook presently overwhelming 18 technicals out of the 22 major technical indicators. This suggests high volatility in the next 24 hours, an advantage for both day and swing traders. 

Besides, the total trading volume is up by 53 percent to a sum total of $2.5 billion on the daily chart. The total market capitalization flew upwards by 9.91 percent to a total of $64.9 billion. Binance Coin is number 3 after Bitcoin and Ethereum by market capitalization. 

Buyers have already shifted their attention from defending the 20-day exponential moving average at $304 to strengthen the $350 psychological support and prevent bears from overwhelming a price hurdle at $374. 

Binance Coin 4 hour price chart 

On our 4-hour Binance Coin price analysis, the exchange token has already broken the $389 resistance and hit $390. The bulls are solidifying their position and consolidating enough strength to drive them past $390, $395, and the $400 support. If this is possible, the bulls will be able to attract more buyer volumes and possibly gain traction on their way to the 52-week high at $605. 

The weekend breakout above the $345 and $350 cleared the path to a $400 rally. An overhead target for the buyers still lies at $433. This could be the first stop in case of a bullish continuation during the upcoming session. 

One downside outlook remains the possibility of price breakdown below $380, which would likely attract sellers and a lower correction to the daily low at $371. As of this writing, Binance Coin is trading at $390 against the US dollar. 

Binance coin price analysis
Source: TradingView

Binance Coin price analysis conclusion 

Binance coin price analysis is bullish today and will remain as so in the upcoming 24 hours. The bulls are already setting new fresh hourly highs and thrusting one price hurdle after the other. The medium and long-term outlook of the coin is positive as the coin clears its way towards the $433 target. 

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Richard Adrian

Written by 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.