- Binance Coin price analysis is bearish for today.
- BNB/USD dropped to $390 in the early morning hours
- BNB is struggling to build support base at $400
Binance Coin price analysis is strongly bearish on today’s market following an 18 percent crash to the $400 support, where the exchange token is struggling to hold support. We are expecting BNB to crash below this point if the bulls are unable to overcome selling pressure at $400. The next support will be at $380 and that’s where we are anticipating BNB to retest if the bulls cannot sustain themselves.
Binance Coin price movement in the last 24 hours: Binance Coin retests $400 support after yesterday downtrend
According to the 24-hour Binance Coin price analysis, BNB/USD traded in a broad daily range of $390 – $425, indicating increasing volatility over the last 24 hours. Trading volume has increased by 99.71 percent and totals $4.573 billion, while the total market cap trades around $66.12 billion, ranking the coin in 5th place overall.
BNB/USD 4-hour chart: BNB targets $380 next?
On the 4-hour chart, we can see the Binance Coin price action eyeing downwards below the $400 psychological support and the possibility of the bears supporting a downtrend in the upcoming hours. Further upsides found rejection at $425.
The exchange has struggled to cap any upside above $500 for the last 2-weeks. After rallying above $500 in August, a strong retracement followed on the 17th of August. BNB/USD declined by around 20 percent to the $460 but managed to bounce back to the $500 region again.
Meanwhile, the market choppiness is extending violently into the long-term future of Binance Coin and preventing the coin from capping any significant gains that can test the upper target at $600.
BNB/USD retraced to $390 in the early morning hours, losing over $100 in just one week. Presently, the bulls are trying to build support at $400, and consolidate strong momentum for another rally to hold. However, we are expecting the coin to continue setting lower highs in the next 24-hours.
Binance Coin Price Analysis: Conclusion
Binance Coin price analysis is bearish for the next 24 hours after setting a lower high following a rapid drop to the $390 region. Therefore, we expect BNB/USD to move lower over the next 24 hours and start its way to a lower higher in the upcoming sessions.
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