Binance Coin Price Analysis: BNB retests $420 after resuming the bullish trend

TL;DR Breakdown

  • Binance Coin price analysis suggests bullishness
  • BNB/USD continued to retrace over the last 24 hours.
  • BNB finding support at $420

According to our Binance Coin price analysis, the market is likely to rise in the next 24 hours after it retraced from the $400 level to the press time price of $419. The exchange currency established a higher low on the daily chart at $401 compared to yesterday’s figure of $395. As a result, we anticipate that BNB/USD will correct to a higher low in the next 24-hours.

The cryptocurrency market is trading in the red, with most cryptocurrencies posting losses. Bitcoin declined by 0.16 percent, Ethereum lost 4.12 percent. Algorand was the day’s top-performing altcoin, increasing by 10%.

Binance Coin price movement in the last 24 hours: Binance Coin retraced from $390 to $420

Binance Coin’s price was relatively steady in the course of our Binance Coin 24-hour analysis, which saw it fluctuate within a daily range of $401 to $420. With a 30.05 percent decrease in trading volume and a market capitalization of $68 billion, the total BNB Trading volume fell by 30.05 percent,

BNB/USD 4-hour chart: BNB ready to reverse?

On the Binance Coin price chart, we can see that the price is currently above $400, which suggests it may resume its fall today.

BNB/USD 4-hour chart. Source: TradingView

The Binance Coin price has demonstrated strong buyer interest in recent weeks. On the 20th of July, BNB/USD found support near $450 and rallied by more than 200 percent to the current high of $510.

Binance Coin incurred a breakdown after breaking the previous high of $510 and lacked the momentum to continue much higher, leaving a reversal from the $500 resistance. Binance Coin has retraced to the $400 low in recent days, where support was found.

Since then, Binance Coin/USD has remained sideways as a new higher low is formed. We anticipate that, unless the Binance Coin price action breaks below the support, a reversal will follow over the next 24 hours and Binance Coin will make another attempt to establish further highs early next week.

Binance Coin Price Analysis: Conclusion 

The Binance Coin price analysis is bullish as the market has established support at $400 following a retracement of the past 24 hours. As a result, we anticipate a new low will be established, and Binance Coin is ready to test further upside.

While waiting for Binance Coin to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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Written by Rich Madrian