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Binance Coin Price Analysis: BNB spikes to $320, ready to slowly regain loss today?

Binance Coin Price Analysis

TL;DR Breakdown

  • Binance Coin price analysis is bullish for today.
  • BNB/USD saw another spike lower this morning.
  • BNB is rejecting further downside as of now.

Binance Coin price analysis is bullish today as the market saw another quick spike lower this morning, with bulls starting to pick up any further selling pressure. Therefore, we expect BNB/USD to reverse over the next 24 hours and look to regain some of the loss seen over the past few days.

Binance Coin Price Analysis: BNB spikes to $320, ready to slowly regain loss today? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with mixed results over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 1.49 and 1.79 percent, respectively. Meanwhile, most of the top altcoins are in the red, with a couple of exceptions, such as UNI and LINK.

Binance Coin price movement in the last 24 hours: Binance Coin drops to $320

BNB/USD traded in a range of $320.37 – $356.37, indicating strong volatility over the last 24 hours. Trading volume has declined by 6.79 percent and totals $1.775 billion, while the total market cap trades around $58.15 billion, ranking the coin in 5th place overall.

BNB/USD 4-hour chart: BNB starts to push higher again

On the 4-hour chart, we can see the Binance Coin price action moving back above the $340 support, indicating bullish pressure over the past hours.

Binance Coin Price Analysis: BNB spikes to $320, ready to regain loss today?
BNB/USD 4-hour chart. Source: TradingView

Binance Coin price action has continued to trade in a bearish momentum this week. After sideways consolidation for most of the last week around the $390-$420 price area, BNB/USD had established a strong base from which to reverse.

However, BNB saw another strong push lower on Monday, quickly taking the market price to $340. A slight upward momentum followed during the middle of the week, with a lower high set around $385.

Another spike lower to the $340 support was set on Friday. After relatively calm trading yesterday, the Binance Coin price action declined further this morning, with bulls quickly picking up any further selling pressure.

Overall, this price action development indicates we could be seeing exhaustion for bears, and BNB/USD could see a strong reversal next week.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bullish for today as the spike lower, seen this morning, currently gets regained as bullish pressure has increased. Therefore, we expect BNB/USD to move higher later today and look to return above $360 local resistance.

While waiting for Binance Coin to move further, read our guides on Decentralized Exchanges, NFT Crypto, as well as Bitcoin Memes.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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