Ethereum
$ 1,241.41 1.62%
Solana
$ 41.38 0.07%
Dogecoin
$ 0.068310 1.15%
ApeCoin
$ 5.15 14.24%
Bitcoin
$ 21,482.00 0.99%
BNB
$ 239.64 0.35%

Binance Coin Price Analysis: BNB spikes below $415 support, more downside to slowly follow?

Binance Coin Price analysis

TL;DR Breakdown

  • Binance Coin price analysis is bearish today.
  • BNB/USD saw a quick spike below $415 support.
  • Market likely to continue retracing.

Binance Coin price analysis is bearish today as a spike below $415 support was finally seen, inviting more sellers into the market. Therefore, we expect BNB/USD to continue lower over the next 24 hours.

Binance Coin Price Analysis: BNB spikes below $415 support, more downside to slowly follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with mixed results. The market leader, Bitcoin, gained 2.64 percent, while Ethereum was up by 0.84 percent. Meanwhile, Shiba Inu (SHIB) is the top performer, with a gain of almost 14 percent.

Binance Coin price movement in the last 24 hours: Binance Coin finally breaks $415 support

BNB/USD traded in a range of $401.22 – $423.55, indicating strong volatility over the last 24 hours. Trading volume has increased by 12.91 percent and totals $1.51 billion, while the total market cap trades around $70.34 billion, ranking the coin in 4th place overall.

BNB/USD 4-hour chart: BNB looking to move lower?

On the 4-hour chart, we can see Binance Coin price returning back above $415 support, likely before more bearish momentum builds up.

Binance Coin Price Analysis: BNB spikes below $415 support, more downside to follow?
BNB/USD 4-hour chart. Source: TradingView

Binance Coin price has seen strong bullish momentum return so far this month. From the previous major support at $320 to the current swing high of $450, BNB/USD gained 40 percent.

 However, bullish momentum has slowed down over the past days, indicated by only slightly higher highs and several retests of $415 support over the past week. Yesterday, BNB consolidated just above the support until a spike lower was seen overnight.

The Binance Coin price action development indicates that more downside will be tested this week. After the rally higher over the past hours, we expect BNB/USD will move lower again to test even further lows.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bearish today as a sharp spike lower was seen overnight. Therefore, the current reaction higher is likely a lower high set before more downside follows.

While waiting for Binance Coin to move further, read our guides on Best NFT marketplaces, NFT history and development, as well as NFT Music.

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.

Related News

Hot Stories

Crypto News Alert – A New Meme Coin That Will Process 50,000 Transactions Per Second
Shiba Inu price analysis: SHIB continues to rise with $0.00001350 in sight
Polkadot price analysis: DOT price will break above the closest resistance level found at $ 9 over the weekend
Bitcoin price analysis: BTC slowly retests $21,500, ready to return lower?
Ripple price analysis: XRP price consolidates below $0.36, but bulls are optimistic

Follow Us

Industry News

Margin calls and bot liquidations add chaos to crypto as its market cap hits $964b
Bitpanda lays off workers amid the market decline
Coinbase to launch Nano BTC features aimed at retail traders on June 27
Namibian University will offer master's degree in blockchain technology soon
Uphold announces restriction of Venezuelan users