- 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.
Generally, today’s cryptocurrency market is trading bearishly with market leaders Bitcoin and Ethereum losing more than 10 percent of their value.
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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