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Binance Coin Price Analysis: BNB bulls attempt to break downtrend at $390 and retest $400

Binance coin price analysis

TL;DR Breakdown

  • Binance Coin price analysis suggests bullishness
  • BNB/USD continued to retrace over the last 24 hours.
  • BNB finding support at $390 floor

The Binance Coin price is predicted to rise in the next 24 hours, according to our Binance Coin price analysis. On the daily chart, the exchange currency established a higher low at $401 compared to yesterday’s value of $395. As a result, we anticipate that BNB/USD will correct to a higher low in the next 24 hours

Bitcoin is down 0.16 percent and Ethereum has dropped 4.12 percent, with most cryptocurrencies seeing losses. Bitcoin shed 0.16 percent, whereas Ethereum fell by 4.12%. Algorand was the day’s top-performing altcoin, up 10%.

Binance Coin price movement in the last 24 hours: Binance Coin reversed from $410 to $385

The price of Binance Coin remained constant during our Binance Coin 24-hour analysis, which saw it fluctuate within a daily range of $401 to $420. The total BNB Trading volume decreased by 30.05 percent as a result of a 30.05 percent decrease in trading volume and a market capitalization of $68 billion.

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

On the Binance Coin price chart, it appears that the price may resume its decline today, as it is currently above $390.

Binance coin price analysis
BNB/USD 4-hour chart. Source: TradingView

In recent weeks, the Binance Coin price has shown a high level of interest from buyers. On July 20, BNB/USD found support near $450 and increased by more than 200 percent to today’s peak of $510.

Binance Coin was the only cryptocurrency on this list to decline in value against Bitcoin, shedding more than 20% of its value from its January high. After breaking the previous high of $510, Binance Coin suffered a breakdown and lacked the momentum to continue much higher, resulting in a return from the $500 resistance. In recent days, Binance Coin

Since then, Binance Coin/USD has remained flat as a new higher low is formed. We expect that, unless the Binance Coin price action breaks below the support, a reversal will follow within the next 24 hours and Binance Coin will make another attempt to establish further highs early next week.

Binance Coin Price Analysis: Conclusion 

Following a retracement of the past 24 hours, the Binance Coin price analysis is bullish, with support at $390 being established. As a result, we anticipate a new low to be set and Binance Coin to continue testing further gains.

While waiting for Binance Coin to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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.

Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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