- Binance Coin price analysis indicates bearishness
- BNB/USD will correct downwards in the next 24-hours
- Resistance was found at the $408 mark
Today’s Binance Coin price analysis indicates bearishness after the market rejected, after $408, and denied the chance to camp near the $410 support. However, since BNB/USD started to consolidate, we made the assumption that the bulls are exhausted, and we are looking forward to a retracement in the next 24-hours
The overall market traded bearishly over the last 24 hours. Bitcoin shed 3 percent, while Ethereum went down by 5 percent. LUNA emerged as the best performing altcoin of the day after gaining approximately 25 percent overnight.
Binance Coin price movement in the last 24 hours: Binance Coin declines to $399
BNB/USD traded in a range of $399 – $408.34, indicating substantial volatility over the last 24 hours. Trading volume has decreased by 8.61 percent and totals $2.21 billion, while the total market capitalization trades around $67.965 billion, ranking the coin in 4th place overall.
BNB/USD 4-hour chart: BNB prepares for a retracement?
On the 4-hour chart, we can see the Binance Coin price action trading sideways overnight, indicating an upcoming retracement.
Binance Coin price action has traded with a strong bullish momentum over the last month. From the previous major swing low of around $255, BNB/USD has gained almost 100 percent to the current swing high of $500.
Since another 15 percent were gained yesterday. After another higher low was set on Sunday, BNB started to consolidate around the $500 mark, indicating that bulls are currently exhausted.
This price action development should lead the Binance Coin price towards another retracement later today. Target to retrace to is seen at the $390 previous minor swing high resistance. From there, BNB/USD should continue higher later this week.
Binance Coin Price Analysis: Conclusion
Binance Coin price analysis is bearish for today as the market was unable to break out of a supply zone between $400 – $410 and started to retrace overnight. Therefore, we expect BNB/USD to reverse later today and retrace some of the little gains seen yesterday.
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