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Binance Coin Price Analysis: BNB retests previous low at $340, reverses again

Binance Coin Price analysis

TL;DR Breakdown

  • Binance Coin price analysis is bullish today.
  • BNB/USD returned above $360 overnight.
  • Next resistance at $385.

Binance Coin price analysis is bullish today as we expect more upside to follow after the second retest of previous support. Likely BNB/USD is now ready to recover and test previous high at $385 next.

Binance Coin Price Analysis: BNB retests previous low at $340, reverses again 1
Cryptocurrency heat map. Source: Coin360

The crypto market has turned green over the last 24 hours. The market leader, Bitcoin, has gained 5.08 percent, while Ethereum 3.3 percent. Meanwhile, the rest of the market follows with similar results. 

Binance Coin price movement in the last 24 hours: Binance Coin forms double bottom at $340

BNB/USD traded in a range of $337.85 – $375.39, indicating substantial volatility over the last 24 hours. Trading volume has increased by 29.53 percent, totaling $3.13 billion. Meanwhile, the total market cap trades around $61.13 billion, ranking the coin in 4th place overall.

BNB/USD 4-hour chart: BNB looks to advance higher?

On the 4-hour chart, we can see bullish momentum has returned overnight, leading the Binance Coin price much higher over the last 24 hours.

Binance Coin Price Analysis: BNB retests previous low at $340, reverses again
BNB/USD 4-hour chart. Source: TradingView

Binance Coin price action has seen a strong decline come to an end over the last few days. After declining to $340, BNB/USD found support and reacted to $385 on the 22nd of Jnauary.

Another test of downside followed early yesterday. The $340 previous low prevented further downside, effectively forming a double bottom reversal pattern.

Since then, Binance Coin price action has begun to rally again. Likely we will see the $385 mark broken over the upcoming 24 hours as bulls are ready to regain even more from the loss seen last week.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bullish today as we saw downside rejected at the previous low of $340 yesterday, leading to a push higher later in the day. Therefore, we expect BNB/USD to push higher again and break the $385 mark soon.

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.

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