- Binance Coin price analysis suggests bullishness
- BNB/USD continued to retrace over the last 24 hours.
- BNB finding support at $350
According to our Binance Coin price analysis, the market is likely to rise in the next 24 hours after it retraced from the $350 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 the bulls to return in the coming days due to the favourable price action.
Binance Coin (BNB) is up 3 percent but eyes more gains according to our BNB/USD price analysis.
After failing to break above $400, the cryptocurrency declined towards the $330 level before finding at $350. The virtual currency has now established a higher low than the previous one at $358 according to our Binance Coin price analysis. As a result, we expect the bulls to return in the coming days for another round of higher highs.
The daily chart has just returned below the $380 region after establishing a secondary lower high – the DHHII pattern. It points to the presence of strong buying interest around the $400 level. Moreover, BNB is trading above both simple (20-30-40 EMAs) and exponential moving averages (50, 100). Finally, the relative strength index (RSI) is below 50 for the first time since mid-May.
All these signals indicate that our Binance Coin price prediction 2019 of $500 is likely to be achieved in the coming days.
On the other hand, if BNB fails to break above $380, it will further retrace towards the last swing low at $330. On the upside, immediate resistance lies at $400 followed by a major hurdle at $430.
Binance Coin price movement in the last 24 hours: Binance Coin retraced from $390 to $350
The price of Binance Coin was relatively stable throughout our 24-hour Binance Coin analysis, which saw it swing between $350 and $358 on a daily basis. The overall trading volume decreased by 30.05 percent in trading volume and a market capitalization of $68 billion
BNB/USD 4-hour chart: BNB ready to reverse?
Binance Coin’s price has been plummeting over the previous few days, suggesting that it will resume its descent today.
BNB/USD 4-hour chart. Source: TradingView
The Binance Coin price has shown significant buyer interest in recent weeks. On July 20, the BNB/USD pair found support near $450 and rallied by more than 200 percent to the current high of $510.
Binance Coin’s price collapsed after breaking the previous high of $510, and it lacked the strength to continue much higher, resulting in a reverse movement from the $500 resistance. Binance Coin has come back down to its $400 low in recent days, where support was discovered.
Following the fall, Binance Coin/USD has remained sideways as a new higher low is established. 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
As a result, the Binance Coin price analysis is bullish as the market has established support at $400 following a retracement of the previous 24 hours. As a consequence, we anticipate that Binance Coin will establish a new low and be ready to test further price appreciation.
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.