- Binance Coin price analysis is bullish today.
- BNB/USD broke $405 support yesterday.
- Next target at $390 reached overnight.
Binance Coin price analysis is bullish today as we have seen the $390 support reached after further decline overnight. Likely sellers are now exhausted, and BNB/USD will look to regain some of the loss today.
Binance Coin price movement in the last 24 hours: Binance Coin breaks lower after setting lower high
BNB/USD traded in a range of $393.98 – $419.29, indicating strong volatility over the last 24 hours. Trading volume has declined by 20.46 percent, totaling $1.68 billion. Meanwhile, the total market cap trades around $65.5 billion, ranking the coin in 4th place overall.
BNB/USD 4-hour chart: BNB pauses above $390
On the 4-hour chart, we can see the Binance Coin price action finding support at the $390 next support, likely leading to a reaction higher today.
Binance Coin price has posted a strong new swing higher high this week. After setting a lower low at $360, strong buying pressure returned on the 4th of February.
Over the next day, BNB/USD broke past the $390 previous resistance, gaining 20 percent to $430. After a retest of $405 as support, further upside followed to $440 on the 7th of February.
Another reaction lower quickly followed to $405, with a lower high set at $435 day later. Therefore, a head and shoulders reversal pattern was formed. The Binance Coin price rapidly declined since, leading to a strong lower low set at $390 overnight to today.
Binance Coin price analysis: Conclusion
Binance Coin price analysis is bullish as we expect a reaction higher from the $390 support. Likely sellers are exhausted after setting a strong lower low, and recovery of some of the loss will be seen over the next 24 hours.