- Binance Coin price analysis is bearish today after a 1.66 percent retracement
- Binance Coin price analysis suggests it has been trading within a daily range of $467 – 489.
Binance Coin Price Analysis: General price Overview
Binance Coin price analysis is bearish today after the exchange token underwent a 1.66 percent retracement on the 24-hour chart. The coin was unable to sustain the $480 support and we expect the bears to continue pulling the price below the $479 mark. Therefore attracting lower lows in the upcoming sessions.
Overall, the cryptocurrency market is trading in a neutral zone. With Bitcoin and Ethereum gaining a few percentages on the 24-hour chart and Cardano and Binance Coin losing part of their valuation. The best gainer is Solana with a 21 percent increase from yesterday’s price.
Binance Coin price movement in the last 24 hours: Binance Coin retraces to $475
Our 24-hour Binance Coin price analysis suggests that the exchange token has been trading within a daily range of $467 – 489. Therefore indicating high volatility on the 24-hour chart. On the other hand, the daily Binance coin trading volume decreased by 18 percent. The total market capitalization dropped 0.55 percent by to a total of $80.4 billion. Binance Coin ranks at number $4 overall.
BNB/USD 4-hour chart: BNB prepares could hit $460
Our 4-hour Binance Coin price analysis indicates a tug fight between the bulls and the bears as both forge attempt to forge a way forward near the press time price of $477. The bulls are trying their best to prevent further downsides below this point. If the price action could break down below this point, the chances of a gradual drop to last week’s $460 swing high are high. Which makes the overall 24-hour chart seem bearish.
The bulls are focused on building momentum above $480 and regaining the upper $500 mark. However, the buyers met their exhaustion after crossing that level and might take some more time before retesting the $500 and resuming a bullish uptrend.
Meanwhile, the general market structure for Binance Coin and a few more coins such as Cardano and Solana are bullish. But in the next 24-hours, let us expect a retracement that should lead to the $460 mark.
Binance Coin Price Analysis: Conclusion
Binance Coin price analysis in the next 24 hours will be bearish after retracing by 1.66 percent during the night. The bears are in control for the short term but could easily take over if the bulls are unable to sustain the price above the $480 level
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