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Binance Coin price analysis: BNB/USD is bearish for the next 24 hours

Binance coin price analysis

TL;DR Breakdown

  • Binance Coin price analysis is bearish today.
  • BNB/USD is currently trading at $405.
  • The price is likely to return to the area of the lower pivot.

The Binance Coin price is bearish today, as a surge below $415 support was finally observed, enticing additional sellers into the market. As a result, we anticipate that BNB/USD will fall further over the next 24 hours.

The Binance Coin price fell from $418 down to $410 resulting in a short-term, bearish move that has likely opened the gates for further declines below support at $415. The cryptocurrency continued its descent and broke through major support levels at $410 and $405, falling to $391 before stabilizing. The price has since continued falling and is now standing at around $390. BNB/USD was last seen trading at $395 levels, with its market cap currently standing at $2.1 billion.

As we can see from the four-hour chart, BNB/USD fell below $415 support. The cryptocurrency has since fallen towards $390 and is currently struggling to stay afloat at that level. This price behavior seems to be heading towards a retracement which could take it back to $410 before further declines commence.

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

Looking at the BNB/USD chart from a higher time frame, we can see that an ascending trend line formed with former resistance turned support of $415. As seen on the daily chart below, the price reached as high as $433 before starting its current downward trajectory, leading to increased selling pressure.

As mentioned earlier, the cryptocurrency has likely opened the gates to further declines in BNB/USD. The short-term pattern suggests that the price could continue dropping down towards $395, with strong support observed at this level. If this happens, buyers are likely to step up their game and expose themselves in an attempt to reclaim much of its losses.

However, if the $395 support is broken, the price shall continue falling to retest important support levels at $380 and $365. This significant weakness displayed by Binance Coin coincides with similar actions observed across other cryptocurrencies today.

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

On the 4-hour chart, we see Binance Coin climbing back above $415 support before more bearish momentum takes hold.

Binance Coin price analysis: BNB/USD is bearish for the next 24 hours 1BNB/USD 4-hour chart. Source: TradingView

Binance Coin’s price has been trading above the $500 mark for most of May. So far this month, Binance Coin/USD has seen a strong bullish momentum return, with a rise of 40 percent from the previous major support level of $320 to the present swing high of $450.

However, recent days have seen a drop in the bullish momentum, as indicated by only modest higher highs and several testings of $415 support over the past week. Binance consolidated just above the support yesterday until an overnight plunge occurred.

The Binance Coin price development suggests that the value will be tested again this week. We anticipate that BNB/USD will decline further to test even deeper lows following the recent rally.

Binance Coin Price Analysis: Conclusion 

As Binance Coin extended its drop, the short-term outlook does not look good either. We believe that BNB/USD will continue moving down towards $365, but traders should wait for significant support to be breached before considering any short positions.

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.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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