TL; DR Breakdown
- Binance Coin price analysis is bearish for today.
- BNB/USD could not breach the $440 resistance today.
- Binance Coin starts to head lower.
Towards the closure of yesterday’s price analysis chart, BNB traded in bullish momentum. However, this trend was cut short by sellers who had consolidated their strengths when the daily price analysis set in. Sellers made the coin trade negatively for one hour before the bulls gathered enough power to reverse the bearish trend. Buyers came into the market in large numbers causing the price to begin an uptrend forming several bullish patterns.
Binance Coin price analysis is bearish today as the market struggled to break past the $440 resistance. As BNB/USD has formed a consolidation below the $440 resistance, we expect the market to retrace over the next 24 hours and set a higher low.
Cryptocurrency heat map. Source: Coin360
The general cryptocurrency market is bullish, as the heat map suggests. The most prominent digital currency BTC has recorded a 0.83 percent increase, and the coin is trading at $47.9K. Its all-time close competitor ETH is also bullish, it has also recorded a slight percent increment, and it is currently trading at $3.5K. Most altcoins are trading in mixed results. Binance coin is trading in a bearish trend, recording more than 3 percent price decline, and it is currently trading at $420.
BNB/USD 4-hour chart: BNB set to retrace?
At the moment, the Power of Balance (POB) was at 0.5, indicating that the bulls are extra strong, and at this point, sellers will not be able to stop the downswing. As per Binance coin price analysis, the sellers pulled the price of the BNB/USD pair downwards in a falling wedge trend. However, the bulls seem to be reversing the bear trend.
BNB/USD 4-hour chart. Source: TradingView
The Bollinger band was wide on the four-hour price analysis chart. The wideness of the Bollinger band signaled high volatility of the BNB/USD pair. The is leaning on the lower band, meaning Binance coin price is in the hands of the sellers.
Binance Coin price action has seen a reduction of volatility over the past days compared to what we saw last week. After peaking below the $510 mark, BNB/USD saw a rapid decline of more than 25 percent, with support, found around the $375-$390 area.
From there, Binance Coin traded in a relatively low range, retesting $440 previous support as resistance last Friday. From there, BNB slowly retraced to $390, where support was found on Monday.
What followed was a substantial advance yesterday, with the $440 resistance retested again. Since then, the Binance Coin price has consolidated below the resistance, indicating further downside to follow later this week.
Binance Coin Price Analysis: Conclusion
Binance Coin price analysis is bearish for today as consolidation was formed below the $420 resistance, and bears started to gain momentum. Therefore, we expect BNB/USD to retrace further and look to set another higher low.
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