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 $645.
  • Previous high currently tested.

Binance Coin is trading negatively today. We expect another test of the downside to follow after both a higher low and lower high have been established in the last 24 hours.

Yesterday, we published a potential breakthrough in the consolidation of Binance Coin. At that time, both the 50-period and 100-period MAs were flattening out; however, neither one could cross above the other. This, in turn, helped establish a possible wedge breakout that offered a downside target at $618.

Today, BNB/USD is trading at $645 after opening the day at around $654. The cryptocurrency had visited support at yesterday’s low before expanding lower to retest the downside of the wedge pattern breached during today’s early hours.

However, today BNB/USD price is down about 2% and trading near yesterday’s low of $628.49. The decline is likely attributed to another test of the downside. We expect another test of the downside to follow after both a higher low and lower high have been established during the previous 24 hours.

BNB/USD 4-hour chart: BBNB/USD Bearish Setup Gets More Compelling

On the 4-hour chart, we can see the Binance Coin price action moving back towards previous local highs, likely resulting in another push lower later today.

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

The price is currently testing the previous high at $628.49 for support, with its next significant resistance at $648.12 (78.6% Fibonacci retracement) located just above it. A break above $648.12 will complete the bearish reversal and signal a long-term bearish trend continuation towards $550 or even $450.

The technical indicator conventional oscillators also reflect the bearish picture further. For instance, RSI is below 50 and heading lower while the MACD has turned south and is struggling to cross above its Signal line.

On the 4-hour chart, the price of Binance Coin is in raging mode, with both MAs trending southbound. We expect this bearish momentum to continue throughout the day and remain valid unless there is an unlikely break above $659.73 intraday high.

Binance Coin Price Analysis: Conclusion 

BNB/USD has created another lower high during the early hours of today’s trading session after showing signs of strength yesterday. It appears as if BNB/USD is falling towards a support at $600 as it creates a new bullish higher low on the 4-hour chart. Nevertheless, we expect this bearish momentum to continue throughout the day.

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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