TL;DR Breakdown
- BNB moved lower yesterday.
- Support found around $325.
- Market prepares to push higher.
Binance Coin price analysis is bullish for today as bears could not push the market any lower overnight and bulls are preparing to push BNB/USD back towards the $375 resistance.
The overall market trades with a slight bearish momentum over the last 24 hours. Bitcoin is down by 5.2 percent, while Ethereum 4.2 percent. Ripple (XRP) and VeChain (VET) are among the worst performers with a loss of 5 percent.
Binance Coin price movement in the last 24 hours
BNB/USD traded in a range of $328 – $354, indicating a moderate amount of volatility. Trading volume has increased by 11 percent and totals $1.56 billion. Meanwhile, the total market cap stands at $52.2 billion, ranking cryptocurrency in 4th place overall.
BNB/USD 4-hour chart – BNB spiked lower yesterday
On the 4-hour chart, we can see the Binance Coin price retracing to the $325 support again and rejecting further downside for now.
The overall price action structure is still neutral as BNB/USD has moved sideways for the past week with the $325 mark serving as support and the $375 mark as a resistance. This market development comes after a new swing high was set at the $425 mark at the beginning of June, indicating that bulls are looking to regain control.
Over the past days, the Binance Coin price action approached the $375 mark, after which the following retracement tested the $325 support for the second time. This means that bears are likely exhausted and the market is ready to reverse higher again.
Overnight, a slight consolidation area was established around the $325 mark, meaning that we can expect a move higher from there. Therefore, once BNB/USD can move above $346 current local resistance, a lot more upside is expected.
From there, the next target is located at the $425 mark as it is where the previous swing high was set. A further target is located at $480 and would mean a gain of around 40 percent from the current price level.
Binance Coin Price Analysis: Conclusion
Binance Coin price analysis is bullish as BNB/USD failed to move lower and retested the $325 mark. This should lead Binance Coin towards another move higher next week, with the $375 mark as the next resistance.
While waiting for BNB to move higher, read our guides on Chinese miners, staking Cardano, and how to cash out Bitcoin.
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.
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Source: https://www.cryptopolitan.com/binance-coin-price-analysis-2021-06-19/
