TL;DR Breakdown
- Binance Coin price analysis is bearish today.
- BNB/USD rejected upside yesterday.
- Support at $460 currently gets broken.
Binance Coin price analysis is bearish today as we expect further retracement to follow after upside was quickly rejected yesterday. Therefore, BNB/USD will likely move past $460 and continue lower over the next 24 hours.
The market has traded with mixed results over the last 24 hours. The leader, Bitcoin, has gained 1.39 percent, while Ethereum has lost 0.21 percent. Meanwhile, Binance Coin (BNB) trades with a small gain of 0.5 percent.
Binance Coin price movement in the last 24 hours: Binance Coin continues to retrace from $506 swing high
BNB/USD traded in a range of $454.76 – $473.77, indicating substantial volatility over the last 24 hours. Trading volume has declined by 6 percent, totaling $1.99 billion, while the total market cap trades around $76.6 billion, ranking the coin in 4th place overall.
BNB/USD 4-hour chart: BNB rejects $460 support at first
On the 4-hour chart, we can see the Binance Coin price returning above $460 likely as bears take a pause before further selloff continues.
Binance Coin price has seen strong bullish momentum return over the last week. From the last swing low at $405, BNB/USD managed to gain around 25 percent to the $506 mark.
However, during the last day of advance, the buying pressure slowed down substantially below the previous major resistance. Therefore, a major swing lower high has been set, and the market has returned to decline since.
We currently see the Binance Coin price testing the $460 support, which should be broken later unless a sharp reversal occurs. As we saw yesterday, any attempt to recover is quickly rejected, meaning that sellers are dominating the market again.
Binance Coin Price Analysis: Conclusion
Binance Coin price analysis is bearish as we expect the current several-day retracement to continue. Therefore, BNB/USD should break the $460 support in a clear way later as there are still no signs of slowdown for the decline.
While waiting for Binance Coin to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.
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