- Binance Coin price analysis suggests bullishness
- BNB/USD continued to retrace over the last 24 hours.
- BNB finding support at $420
According to our Binance Coin price analysis, the market is likely to rise in the next 24 hours after it retraced from the $400 level to the press time price of $419. The exchange currency established a higher low on the daily chart at $401 compared to yesterday’s figure of $395. As a result, we anticipate that BNB/USD will correct to a higher low in the next 24-hours.
The cryptocurrency market is trading in the red, with most cryptocurrencies posting losses. Bitcoin declined by 0.16 percent, Ethereum lost 4.12 percent. Algorand was the day’s top-performing altcoin, increasing by 10%.
Binance Coin price movement in the last 24 hours: Binance Coin retraced from $390 to $420
Binance Coin’s price was relatively steady in the course of our Binance Coin 24-hour analysis, which saw it fluctuate within a daily range of $401 to $420. With a 30.05 percent decrease in trading volume and a market capitalization of $68 billion, the total BNB Trading volume fell by 30.05 percent,
BNB/USD 4-hour chart: BNB ready to reverse?
On the Binance Coin price chart, we can see that the price is currently above $400, which suggests it may resume its fall today.
BNB/USD 4-hour chart. Source: TradingView
The Binance Coin price has demonstrated strong buyer interest in recent weeks. On the 20th of July, BNB/USD found support near $450 and rallied by more than 200 percent to the current high of $510.
Binance Coin incurred a breakdown after breaking the previous high of $510 and lacked the momentum to continue much higher, leaving a reversal from the $500 resistance. Binance Coin has retraced to the $400 low in recent days, where support was found.
Since then, Binance Coin/USD has remained sideways as a new higher low is formed. We anticipate that, unless the Binance Coin price action breaks below the support, a reversal will follow over the next 24 hours and Binance Coin will make another attempt to establish further highs early next week.
Binance Coin Price Analysis: Conclusion
The Binance Coin price analysis is bullish as the market has established support at $400 following a retracement of the past 24 hours. As a result, we anticipate a new low will be established, and Binance Coin is ready to test further upside.