Binance Coin Price Analysis: BNB spikes to $415, set to retrace today?

Binance Coin Price analysis

TL;DR Breakdown

  • Binance Coin price analysis is bullish today.
  • BNB/USD saw another selloff yesterday.
  • Support was found at $415. 

Binance Coin price analysis is bullish today as we expect retracement to follow after another strong spike lower yesterday. Likely, BNB/USD will look to retest previous support levels as resistance, with the closest one being at $440.

Binance Coin Price Analysis: BNB spikes to $415, set to retrace today? 1
Cryptocurrency heat map. Source: Coin360

The market overall has seen bearish momentum return over the last 24 hours. The market leader, Bitcoin, trades relatively flat, with a small loss of 0.16 percent, while Ethereum has declined by 2.93 percent. Binance Coin (BNB) is among the worst performers, with a 4.8 percent loss.

Binance Coin price movement in the last 24 hours: Binance Coin retests $460 as resistance, drops another 10 percent

BNB/USD traded in a range of $419.20 – $456.93, indicating large volatility over the last 24 hours. Trading volume has increased by 10.06 percent, totaling $4.06 billion, while the total market cap trades around $72 billion, ranking the coin in 4th place overall.

BNB/USD 4-hour chart: BNB set to retest $440 as resistance?

On the 4-hour chart, we can see the Binance Coin recovering so far today as it approaches previous support at $440.

Binance Coin Price Analysis: BNB spikes to $415, set to retrace today?
BNB/USD 4-hour chart. Source: TradingView

Binance Coin has seen very bearish price action this week. After some consolidation above $506 previous low support, the market broke lower on the 5th of January.

A quick loss of 10 percent took the market to the $460 mark, where some reaction was seen. However, bears quickly gathered to break even further lows, with the $440 mark tested next.

Yesterday, another quick spike of 10 percent led the Binance Coin price to $415, meaning a total loss of 22 percent since the yearly high of around $533. Therefore, bears are likely finally exhausted, and we expect retracement to follow.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bullish today as we expect the market to retrace some of the losses seen yesterday. BNB/USD likely will retest the previous support at $440 as resistance next.

While waiting for Binance Coin to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.

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.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

Related News

Hot Stories

Dogecoin price analysis: DOGE/USD set to break above $0.1 soon?
Ripple price analysis: XRP/USD set to break above the $0.5 resistance
Cardano Price Prediction 2022-2030: Is ADA a good investment?
Dogecoin founder says 95% of cryptocurrencies are ''scam and garbage"
China re-emerges as second-largest bitcoin mining center despite recent ban

Follow Us

Industry News

The Pussyverse: How cryptocurrency Could tackle gender inequality in finance
MiamiCoin and NewYorkCoin plummet over 85% despite Mayoral endorsements
Cloudflare grants public access to Ethereum and IPFS gateways
Coinbase slows down hiring plans after Q1 losses
Korea's authorities open investigation into TerraUSD collapse