- Binance Coin price analysis suggests bullishness
- BNB/USD continued to retrace over the last 24 hours.
- BNB found support at $345.
Our Binance Coin price analysis predicts the Binance Coin price will rise in the next 24 hours. The exchange currency established a higher low on the daily chart at $395 compared to yesterday’s value of $390. As a result, we anticipate that BNB/USD will reverse to a new high in the coming 24 hours.
On the five-day Binance coin price analysis chart, the coin traded in a range of between $330-$430, Suggesting that many activities are going on in the market hence the high volatility.
In addition, the 20-day Moving Average crossover the 50-day Moving Average, implying that the coin is bullish at the time. However, the long-term MA did not cross over the short-term Moving Average, meaning that the buyers took control of the market in most trading sessions.
The two most significant digital assets are trading in losses as the sellers control the entire cryptocurrency space leading to price dips. Bitcoin is down by -6.43 percent, while ETH has dropped by -6.21 percent. Other altcoins are also trading in the same trend, recording massive price deviation. The meme coin has recorded more than -15 percent price decline while Solan is trading at -12 percent. Despite most digital asset trading being bearish, some coins have recorded significant price gains in the last 24 hours. OMG is the hottest gainer of the day, recording 17 percent price surge.
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 $360.
BNB/USD 4-hour chart. Source: TradingView
In recent weeks, there has been a lot of interest in the Binance Coin price. On July 20, BNB/USD found support near $350 and advanced by more than 200 percent to today’s high of $510.
Binance Coin was the only cryptocurrency on this list to drop in value against Bitcoin, shedding more than 20% of its value from its January peak. Binance Coin suffered a breakdown and lacked the momentum to continue much higher after breaking the previous high of $510, resulting in a bounce back from the $500 resistance.
Binance Coin Price Analysis: Conclusion
Binance Coin/USD has remained flat since, with a new higher low forming after the previous. We anticipate that unless the Binance Coin price movement breaks beneath the support, a reversal will occur within the next 24 hours.
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.