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Binance Coin Price Analysis: BNB tests previous support at $540, break lower to follow?

Binance Coin Price analysis

TL;DR Breakdown

  • Binance Coin price analysis is bearish today.
  • BNB/USD continued to decline overnight.
  • Support at $540 current holds.

Binance Coin price analysis is bearish today as we expect further downside to follow after the previous local low at $570 was broken yesterday. Therefore, BNB/USD is likely heading for a strong wave lower again, meaning we could see more downside below $540 later today.

Binance Coin Price Analysis: BNB tests previous support at $540, break lower to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market overall saw bearish momentum return over the last 24 hours. Bitcoin declined by 0.57 percent, while Ethereum by 3.15 percent. Meanwhile, Binance Coin (BNB) is among the worst performers, with a loss of over 5 percent.

Binance Coin price movement in the last 24 hours: Binance Coin breaks previous low at $570, tests $540 next

BNB/USD traded in a range of $545.14 – $594.60, indicating substantial volatility over the last 24 hours. Trading volume has declined by 18.93 percent, totaling $2.335 billion. Meanwhile, the total market cap trades around $92.5 billion, ranking the coin in 3rd place overall.

BNB/USD 4-hour chart: BNB looks to break lower

On the 4-hour chart, we can see bearish momentum still strong today while the $540 mark currently gets tested.

Binance Coin Price Analysis: BNB tests previous support at $540, break lower to follow?
BNB/USD 4-hour chart. Source: TradingView

Binance Coin price action saw recovery over the first half of the week after a strong push lower last Friday. BNB quickly rallied to $617, with rejection for further upside seen on Thursday.

From there, BNB/USD dropped to $570 previous local support and started consolidating. After an attempt to spike higher early yesterday, bears took over the momentum again later in the day.

Binance Coin price reached the next support at $540 overnight, with a reaction higher over the last hours retesting the $570 previous support as resistance. Currently, BNB/USD has dropped to $540 again, likely leading to a break lower later in the day.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bearish today as we expect more downside to follow after another the previous support at $570 was quickly retested as resistance this morning. Since BNB/USD quickly returned back to $540 support, we expect a break lower to follow later today.

While waiting for Binance Coin to move further, see our articles on Pi Wallet, Electrum Wallet, and Celsius Wallet.

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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