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Binance Coin price prediction: Binance Coin continues retracing, set to consolidate later today

Binance Coin Price Prediction

TL;DR Breakdown

  • BNB finds support at $485.
  • BNB previously resisted by the $540 mark.
  • Next target at $585 resistance.

Today’s Binance Coin price prediction is neutral as the market has set both a lower high and higher low, indicating an increasingly tighter trading range. Therefore, we expect further sideways price action momentum for BNB.

Binance Coin price prediction: Binance Coin continues retracing, set to consolidate later today 1
Cryptocurrency heat map. Source: https://coin360.com/

The overall cryptocurrency market is still in the red after another push lower was seen overnight. Bitcoin has returned above the $55,000 price mark with a total loss of 2 percent. Meanwhile, Ethereum trades with a 2.4 percent loss, with the rest of the top altcoins trading with worse results.

Binance Coin price prediction: Binance Coin continues retracing, set to consolidate later today

BNB/USD opened at $504 after the market previously established another lower low at $430 and reversed to retest resistance at $540. Overnight another push lower was made, however, support was found at the $480 mark, meaning a higher low is set. Therefore, we expect BNB/USD to start regaining bullish momentum later this week. For today, we will likely see further consolidation around the $480-$540 area.

Binance Coin price movement in the last 24 hours

The BNB/USD price moved in a range of $475 – $530, indicating a moderate amount of volatility. Meanwhile, 24-hour trading volume has remained practically unchanged with a small drop of 2.82 percent, totaling $6.35 billion. The total market cap stands at $77.36 billion, ranking the cryptocurrency in 3rd place overall.

BNB/USD 4-hour chart – BNB 

On the 4-hour chart, we can see Binance Coin price action moving sideways over the past hours. Until a breakout to either side is seen, we should see further sideways momentum later today.

Binance Coin price prediction: Binance Coin continues retracing, set to consolidate later today
BNB/USD 4-hour chart. Source: TradingView

Overall, Binance coin has seen excellent performance over the past weeks. After setting a low at $230 on the 25th of March, the market rallied higher over the following weeks until a new all-time high at $640 was set, resulting in a total gain of almost 180 percent.

From there the Binance Coin price started to retrace slowly, with slightly lower lows and highs set each time. On the 18th of April, BNB/USD saw a quick spike lower to $430 support. Yesterday BNB/USD started moving higher again as it attempted to retest the $550 resistance

The market peaked at $540, resulting in a slightly lower low being set, meaning that the trend is still slightly bearish; however, recovery might be seen over the upcoming days. Later BNB/USD moved lower again and set a higher low at the $480 mark. Overnight this level was retested again, indicating that the Binance Coin price action now trades in an increasingly tighter range.

Therefore, we expect BNB to continue moving sideways over the next hours around the $480-$540 area. Likely we will see BNB break higher later this week as the overall several-day consolidation is exhausted. The next target to the upside is seen at $585. When reached, this would indicate that the overall market structure has turned bullish again.    

Binance Coin Price Prediction: Conclusion 

Binance Coin price prediction is neutral for today as the market trades in an increasingly tighter range and has moved sideways for the past hours. Therefore, until either a higher high above $540 or lower low below $480 support is set, we expect further consolidation later today.

While waiting for further Binance coin price action development, see our guides on free Ethereum as well as Bitcoin mining software. To learn more about another great altcoin, see our long-term price prediction on Polkadot.  

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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