Binance Coin price analysis: BNB/USD dips again after touching $317

TL;DR Breakdown

Binance Coin price analysis was bearish today
The market continues to move in the range of $308 – $319
Binance coin might break lower than the support around $308 in the next few hours
This is not a good time to buy Binance Coin for short-term profit

Binance Coin price analysis was quite bearish today as the market continues to move in the range between $308 and $319, with the current price being around the $310 mark. But where is Binance Coin headed next? Let’s find out!

It can be seen in the crypto heat map above that Ethereum and Bitcoin have both fallen by 2.59 percent and 1.59 percent respectively. Similarly, BNB/USD is also trading in the red, which applies to other altcoins like Cardano, Litecoin, and Dogecoin also. So, the overall market is certainly bearish.

1-day Binance Coin price analysis — Binance Coin Chart by TradingView

Based on our one-day Binance coin price analysis, we are currently in a range between $308 and $319. The coin found strong support around $308 yesterday after steeply falling to that level. Today, it seems like Binance coin is just preparing to retest the support at $308.

Binance Coin 24-hour price movement

24 hours ago, Binance Coin’s price closed at $313 while it is currently at the $310 mark. So, there certainly has been an overall decrease in the price. However, the lowest price for Binance Coin today was $309 and it slightly bounced up after testing the support levels. Current market conditions suggest that it might break lower than the previous support level in the next few hours.

4-hour Binance Coin price analysis: Will BNB/USD break lower than the support around $308?

There is no denying that the market’s sentiments are very bearish right now. If the same conditions remain in the market, then there is a good chance that Binance Coin can break lower than the support and find a new support level. This can result in a price dip, after which the next major support is set around $302.

Binance Coin price analysis: Conclusion

Overall, the conditions do not look very good for Binance Coin price analysis today. So, it would not be a wise decision to invest in Binance Coin right now. The market is not showing any positive indications and there is still room for Binance Coin to head towards the downside and break lower than the support. For a long-term perspective, we suggest you read our detailed Binance Coin price prediction.

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 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.