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Binance coin price analysis: Buyers eye the $420 resistance

Tezos price analysis

TL; DR Breakdown

  • On the daily BNB/USD price analysis, the Bollinger are very wide indicating that the coin is highly volatile.
  •  If the BNB breaks the 500 resistance  resistance, it will stop at $600.
  • Binance coin trading volumes have risen by 26 percent, totaling $1.9 billion.

Binance coin price analysis: General price overview

Bollinger band is wide on the daily Binance coin price analysis, indicating the coin is highly volatile despite trading a bearish trend. The coin has been trading in a range of intraday lows of $389 and the highest of the day, $420. This should make investors be keen enough as one can lose his money or record high gains. High volatility best suites swing traders, buying the coin when the price is down and selling them after it has spiked.

Our Binance Coin price analysis for the next 24 hours suggests a rise ahead of us. The exchange token established a higher low on the daily chart at $399, compared to yesterday’s figure of $390. As a result, we anticipate BNB/USD to rally today and attempt to break through the $420 resistance.

Binance coin price analysis: Buyers eye the $420 resistance 1

Source: Coin360

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. 

Binance Coin price movement in the last 24 hours: Binance Coin retraced from $390

Binance coin price movement in the last 24 hours

Binance coin price analysis has been bearish in the last 24 hours. However, bulls are attempting to break the negative trend and set the coin in upward momentum. The buyers are aiming to break past the daily resistance created at $420.

According to the coinmarket cap, the Binance coin trading volumes have risen by 26 percent, totaling $1.9 billion. Meanwhile, the total market cap is at $65 billion, ranking BNB #6 in the overall market. 

BNB/USD 4-hour chart: BNB ready to reverse?

Binance coin price analysis: Buyers eye the $420 resistance 2
Source: Tradingview

On the hourly chart, we can see that the Binance coin price is resisting further depreciation. Bulls anticipate starting an upward momentum that will result in the price surpassing the intraday high of $420. It’s probable that if the currency passes this resistance, it will stop at $450.

Binance Coin attempted to break above the previous high of $510 but lacked the momentum to go much farther, and a reversal from the $500 resistance followed. Binance Coin has retraced to its $400 low in the past 24 hours, where support was discovered.

Since then, Binance Coin/USD has fluctuated in a sideways pattern as a new higher low is established. We expect a reversal to follow over the next 24 hours and Binance Coin to attempt another bid to reach new milestones early next week unless the Binance Coin price action breaks below the support.

Binance Coin Price Analysis: Conclusion 

The general view of the BNB market is bearish. However, on the one-hour Binance coin price analysis chart, the buyers attempt to create solid support that will aid the coin to break over the daily resistance at the intraday high at $420.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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