- Binance Coin price analysis is bullish.
- BNB/USD continued to retrace over the last 24 hours.
- The Bollinger bands are narrow on the early trading hours, meaning the coin is moderately volatile.
Binance Coin price analysis: General price overview
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 Bollinger bands are narrow on the early trading hours, meaning the coin is moderately volatile. BNB/USD price was lying slightly above the Lower band and shown possibilities to cross below the band; this indicates that the market is in the hands of the bears.
The RSI appears to be on its way to the overbought region; This is a bullish indicator. When the RSI reaches 70, the bears will have difficulty regaining control of the market.
Generally, the cryptocurrency is trading in mixed reactions, as indicated by the cryptocurrency heatmap. The giant assets Bitcoin and Ether are part of the section that is trading in a bearish trend. Despite the two trading bearishly, most altcoins are enjoying a massive price surge. Binance coin is trading positively at $415, which is a 2 percent price surge. Solana is the hottest gainer of the day, recording more than 15 percent price increment, while BNK has recorded the most losses according to the coin360 heatmap.
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
Overall, the 4-hour Binance price analysis gives a buying signal, with 13 of the 26 major indicators suggesting a decrease in prices for Binance. Only five indicators indicate a drop in prices, indicating little bearish presence at the current level. Meanwhile, nine of them are neutral and do not favor either side of BNB/USD.
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 $510.
Binance Coin Price Analysis: Conclusion
Binance Coin plummeted after breaking the previous high of $510. It lacked the momentum to continue much higher, resulting in a retreat from the $500 resistance. In recent days, Binance Coin/USD has retraced to its $400 low, where support was found. Since then, Binance has remained sideways as a new higher low is established. We anticipate that unless the Binance Coin price action breaks below support, a reversal will occur over the next 24 hours and that Binance Coin will make another attempt to establish further highs early next week.
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.