- Binance Coin price analysis is indicating a bullish market
- BNB/USD continued to retrace over the last 24 hours.
- BNB found support at $400
Our daily Binance Coin price analysis is suggesting bullishness for the next 24-hours after the market retraced from the $390 region to the press time price of $400. The exchange token went on to set a higher low on the daily chart at $399, compared to yesterday’s figure of $390. Therefore, we are expecting BNB/USD to rally today and attempt to breach the $420 resistance.
The overall cryptocurrency market is trading in the green zone with the majority of the coins recording gains. Bitcoin went up by 0.16 percent, Ethereum increased by 0.8 percent while Binance Coin increased by 1.20 percent. Cardano emerged as the best performing altcoin of the day with a 6 percent improvement while Solana is the worst performing altcoin of the day.
Binance Coin price movement in the last 24 hours: Binance Coin retraced from $390
According to our 24-hour Binance Coin price analysis, BNB/USD has been trading within a daily range of $399 – $415, indicating moderately distributed volatility. The total BNB Trading volume dropped by 30.05 percent to a sum of $1.58 billion, while the total market cap is trading at $68 billion. Coin Markert Cap ranks Binance Coin at position #3 overall among the top ten altcoins by market capitalization.
BNB/USD 4-hour chart: BNB ready to reverse?
On the 4-hour Binance Coin price analysis chart, we can see the Binance Coin price respecting the $400 support, likely leading to a reversal today.
The Binance Coin price action has traded with a strong bullish momentum over the last weeks. After finding support around the $450 mark on the 20th of July, BNB/USD rallied by more than 200 percent to the current high of $510.
After breaking past the previous high of $510, Binance Coin lacked the momentum to continue much higher, and a reversal from the $500 resistance followed. Over the last 24 hours, Binance Coin retraced to the $400 low, where support was found.
Since then, BNB/USD has moved sideways as a new higher low gets established. Unless the Binance Coin price action breaks below the support, we expect a reversal to follow over the next 24 hours and Binance Coin to make another attempt to set further highs early next week.
Binance Coin Price Analysis: Conclusion
Binance Coin price analysis is bullish for today as the market has found support at the $400 mark after a retracement over the last 24 hours. Therefore, we expect a new higher low is set, and Binance Coin is ready to test further upside.
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