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Binance Coin price analysis: BNB/USD set to break above $430 soon

Binance Coin Price analysis

TL;DR Breakdown

  • Binance Coin price analysis is bullish today.
  • BNB/USD is currently trading at $a407.
  • Next target at $430. 

The Binance Coin price is up today, as we have hit the $390 support after a greater decline overnight. The BNB/USD pair will look to recoup some of the damage now that sellers are spent.

Day traders who jumped on the market’s initial upswing could be in for some trouble. It is important to note that the price has fallen below $400, which is a key support level.

4-Hour CChartThe next major support level is this year’s lows below $86. If breached, sellers are likely to test sub-$80 levels in the coming days. The Relative Strength Index is on the verge of oversold levels, which means there’s not much room for further declines.

The trading volume is very low, indicating that buyers are not rushing to enter this market. Sentiments among traders are bearish, but they might consider entering fresh positions once prices have stabilized below $400. A break above $408 could open doors for $430 levels.

Binance Coin price movement in the last 24 hours: Binance Coin breaks lower after setting lower high

Daily Chart Binance Coin reached yearly highs at around $415 yesterday before dropping sharply against Bitcoin and the US Dollar. The price had hit $405, which is a strong support level tested more than once before reversing the price. Binance Coin reached $395 during this decline against Bitcoin and fell sharply to $390 against the USD. This is an important support level where buyers tend to enter the market on dips in value. The BNB/USD pair is attempting to regain its previous bullish momentum today.

Binance Coin price analysis: BNB/USD set to break above $430 soon 1
BNB/USD 1-day chart. Source: TradingView

The next major resistance level for the bulls is a psychological one at $410, followed by a strong psychological one at $430. We should expect the price to consolidate at around $410 for about a week before attempting to break through these resistance levels.

BNB/USD Charts Daily Chart Technical indicators on the daily Chartare mixed, although bullish sentiment prevailed during this price decline. The Bollinger bands are moving away from each other; the Stochastic Oscillator is moving into oversold levels on the 1-day chart. The Relative Strength Index has dipped below 30 levels, indicating a strong bearish momentum for the price going forward. Binance Coin Price Forecast: Yesterday, we saw how buyers defended $405 support in BNB/USD pair after testing yearly highs.

Two scenarios were possible at that moment: either this was a false breakout, or the market was correcting from those highs. It turned out to be a false breakout as prices fell sharply, pushing the BNB/USD pair down to $390 support levels. The price will now look to recoup the lost ground, and the first target for buyers is $410, followed by $430 levels. Today we have seen how traders quickly pushed up towards

BNB/USD 4-hour chart: BNB pauses above $390

On the 4-hour chart, we may observe Binance Coin’s price action establishing support at the $390 next support, which will likely result in a buying opportunity today.

Binance Coin price analysis: BNB/USD set to break above $430 soon 2
BNB/USD 4-hour chart. Source: TradingView

The price of Binance Coin has made a solid new swing high this week. After establishing a lower low at $360, buying pressure returned on February 4.

On February February 8 announced the listing of Cardano on its platform. The pair appreciated by 20% (from $220 to $390) over the next day, breaking past the $390 last barrier and closing at $430. On February 7, a retest of $405 as support pushed higher to $440.

After a brief bounce, the price slid back below $500, reaching an intraday low of $405. A lower high was established at $435 the following day. As a result, a head and shoulders reversal pattern has emerged. Since then, the Binance Coin value has dropped dramatically, resulting in today’s hefty lower low of $390.

Despite the sharp price drop, it still holds above the $390 support level. As mentioned, this area has supported the market before. Given that the trading volume is relatively low , we could see Binance Coin markets pick up momentum and recover to $430 levels. If buyers fail to consolidate around $420 in the next few days, losses could be as large as $300.

Binance Coin price analysis: Conclusion 

Binance Coin’s price is under pressure, and the analysis of Binance Coin prices remains bullish. After establishing a solid lower low, sellers are likely to be depleted, allowing for some of the loss to be restored in the next 24 hours.

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.

William Suberg

William Suberg

William Suberg is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. William is a lover of sports.

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