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Binance Coin Price Analysis: BNB/USD 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 $385
  • Closest support at $360.

The Binance Coin price movement today shows how volatile cryptocurrencies can get during periods like these. However, there are certain things you should know before opening any position on your favorite trading platform; also known as buying or selling BNB/USD.

At the time of writing, the Binance coin price analysis & forecast is at a bearish crossroads. This is because the closing price of BNB/USD last night was $373.07. Therefore, there has been a further decrease in price by 9 percent. This is according to the Binance coin price analysis at CoinCheckup.com, a website that provides cryptocurrency data and focuses particularly on altcoins and their market conditions.

Binance Coin price movement in the last 24 hours: BNB/USD consolidates at $380?

A closer look at the daily chart reveals that this period of consolidation may not be ending anytime soon. However, it does provide traders with time to plan their next moves. This is because the market has reached a key area of support at $360 which is likely to attract bargain hunters who will try and buy the cryptocurrency on every dip.

The Binance coin price analysis points out that it would be unwise for traders to open any long positions because there isn’t sufficient momentum in either direction. The Stochastic RSI (14) has crossed below 25 percent – this means that selling pressure is decreasing, but not by much.

Binance coin news today: In the last 24 hours, there isn’t much to report about the Binance Coin price analysis because it has been moving sideways since yesterday. However, Bitcoin continues to struggle under heavy selling pressure which also affects other cryptocurrencies.

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

BNB/USD hourly chart: The Binance coin price analysis shows an increasing bearish momentum which continues its downward trajectory. If anything, this should be a signal to go short on the 1-hour charts.

In terms of support, the closest level at which claim holders would want to avoid losses is at $360. A break below this level shows that the market is not likely to return anytime soon. On the contrary, another leg down would be prompted by a break below $350.

BNB/USD will be important to monitor whether $350 holds or not because that’s where most claim holders are likely to enter long positions. However, if this level breaks then the next support at $320 may be tested.

BNB/USD 4-hour chart: BNB looks to decline again?

The Binance coin price analysis shows that there are no signs of bearish exhaustion insight. There is still plenty to go around based on this analysis because the price continues to plummet against Bitcoin and fiat currencies.

Binance Coin Price Analysis: BNB/USD bearish for the next 24 hours 2
BNB/USD 4-hour chart. Source: TradingView

The Stochastic RSI (4) has crossed below 30 percent – this indicates bearish momentum for this cryptocurrency. However, it doesn’t look like the selling will continue because the indicator has turned up at 20 percent which means that there is likely to be a reversal soon, but it could be short-lived.

There is no significant change in the short-term outlook for Binance Coin but a decrease in volume suggests that market participants are becoming less active – which, as a result, has also brought down the price further. However, there isn’t much to update about BNB/USD today because it continues trading between $360 and $380; after yesterday’s slight increase to $373.07 which occurred within an hour of market opening and before sharply dropping off.

Binance Coin Price Analysis: Conclusion 

There are already signs of downward momentum ahead of this evening’s price action which could push the price down even further – possibly towards $350. The Binance coin news today shows that the cryptocurrency is likely to experience strong selling pressure because it has reached extremely oversold RSI (14) levels on both hourly and 4-hour charts.

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.

William Suberg

William Suberg

William Suberg is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. William is a lover of sports.

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