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Binance Coin price analysis: BNB/USD might retest the $281 support in the next 24 hours

Binance Coin price analysis

TL;DR Breakdown

  • Binance Coin price analysis was bearish today
  • The bulls seem to have been exhausted right now
  • Binance Coin has been volatile in the last 24 hours
  • The local resistance is set around $290 while the local support is at $281
  • Binance Coin can retest $281 and break lower in the next 24 hours.

Binance Coin price analysis has been quite bearish today the two major coins, Bitcoin and Ethereum are also both down. The price touched $290.83 today before falling to $281.26. So one can say that the market has been fairly volatile today.

Crypto heat map
Cryptocurrency heat map by Coin360

The crypto heat map shows that Ethereum has fallen by around 2.74 percent while Bitcoin is down by 1.13 percent. Of course, as always, most of the altcoins are following the same course with Dogecoin, Litecoin, Ripple, and Cardano also taking the hits.

1-day Binance coin price analysis
Binance Coin Price Chart by TradingView

The 1-day Binance Coin price analysis gives us a stable RSI at 45.73. At the same time, the MACD indicator is showing an increase in the downward momentum, suggesting that the bears have strong control right now. The next major support for Binance coin is set all the way down at $249.

24-hour Binance Coin price analysis

Binance coin has been volatile in the last 24 hours. However, it took a significant hit between 5:00 (UTC) and 7:00 (UTC). In this interval, its price consistently fell from $289 to $281. This was followed by a period of sideways consolidation. So, in the short term, Binance Coin has set local resistance at $289.

Overall, the market cap of Binance has reduced by around 2 percent today. On the other hand, its trading volume for 24 hours went up by 25 percent. This leaves its overall volume-to-market cap ratio at 0.0167.

4-hour Binance Coin price analysis

4-hour Binance coin price analysis
Binance Coin Price Chart by TradingView

While Binance Coin has been bearish for the most part today, the 4-hour Binance price analysis gives us slight hints of recovery. However, this recovery is not significant. For now, it looks like Binance Coin has entered a period of sideways consolidation and might continue with it for the next few hours.

Overall, the bearish sentiment in the market is strong. So Binance Coin can certainly retest the recent support at $281 and break lower.

Binance Coin price analysis: Conclusion

Overall, Binance Coin price analysis shows us bearish conditions in the market today. The bulls seem to have been exhausted. So, the next 24 hours are also not going to be very positive. This may not be a good time to invest in Binance Coin if you are looking for short-term profits. However, if you want to invest in it for the long term, read our complete Binance Coin price prediction guide.

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.

Shummas

Shummas

Shummas is a technology enthusiast and a researcher with a keen interest in blockchain and crypto. He also trades and invests in NFTs on the side, believing that NFTs will revolutionize many industries.

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