- Binance Coin price analysis is bullish for today.
- BNB saw heavy selling overnight.
- BNB/USD rejects further downside.
Binance Coin price analysis is bullish for today as the market rejected further downside overnight after a strong decline over the past 24 hours. Therefore, we expect BNB/USD to rally higher today and look to set further highs later this week.
The cryptocurrency market traded in the red over the last 24 hours. Market leader, Bitcoin is down by 3.27 percent, while Ethereum is down by 6 percent. Binance Coin (BNB) is among the worst performers, with a loss of 6.48 percent.
Binance Coin price movement in the last 24 hours: Binance Coin retraces below $400
BNB/USD traded in a range of $387.82 – $435.72, indicating strong volatility over the last 24 hours. Meanwhile, the total trading volume has decreased by 2.3 percent and totals $2.66 billion. The total market capitalization trades around $67.3 billion, ranking the cryptocurrency in 3rd place overall.
BNB/USD 4-hour chart: BNB is set to rally after a retracement?
On the 4-hour chart, we can see the Binance Coin price action establishing another higher low as bulls prepare to push the market higher later this week.
Binance Coin price action has seen a gain of around 70 percent over the last month. After a swing low was established around $269, bulls took the market above the previous swing high around $340, indicating a reversal in the overall market direction.
What followed over the past week was a further advance, with the $435 mark reached on the 16th of August. Binance Coin saw a slight retracement from there, followed by another attempt to move higher.
However, a double top was formed around the $430 mark, resulting in a sharp retracement over the last 24 hours. BNB/USD quickly reached below $400 until support was eventually found at the $385 mark. From there, a rejection for further downside was seen, indicating that a new higher low is set, and we can expect further upside later this week.
Binance Coin Price Analysis: Conclusion
Binance Coin price analysis is bullish for the next 24 hours as a new higher low was established overnight after a sharp decline. Therefore, we expect bulls to take over BNB/USD and continue pushing the market towards new highs later this week.
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