TL;DR Breakdown
- BNB breaks below $480 support.
- BNB/USD lost almost 50 percent overnight.
- Closest resistance at $400.
Today’s Binance Coin price prediction is bullish as the market rejected further downside after peaking at $280 earlier today. So far, BNB/USD has regained 25 percent and trades below $360 previous support/resistance level, indicating that we should see further upside over the next 24 hours.
The market trades in the red as a sharp drop was seen during the first half of today. However, some recovery is seen right now. However, Bitcoin still trades with a 14 percent loss, while Ethereum around 22 percent loss. The rest of the market follows this pattern of severe loss.
BNB/USD opened at $507.9 after consolidating yesterday. Overnight a sharp drop resulted in a spike to the $280 mark earlier today. However, since further downside is rejected as of now, we can expect some retracement to the upside over the next 24 hours.
Binance Coin price movement in the last 24 hours
BNB/USD traded in a range of $283.45 – $522.51 over the last 24 hours, indicating severe volatility. Trading volume has spiked by 96 percent and totals $7.45 billion. Meanwhile, the total market cap stands at $55.3 billion, ranking the cryptocurrency in 4th place overall.
BNB/USD 4-hour chart – BNB spikes to $280
On the 4-hour chart, we can see the Binance Coin price starting to recover some of the loss seen earlier today.
The overall market has turned severely bearish over the past days after a new all-time high at the $680 mark was set and retested last week. When looking at the performance over the past days, we can see that the previous swing low around $425 was broken without much hesitation. Therefore, the overall market structure has turned bearish.
From the all-time high of $680, BNB/USD has so far retraced 60 percent, indicating that bears are likely exhausted. Additionally, the Binance Coin price action rejected further downside over the last hours as the market price returned above the $360 mark.
This price action development indicates that we could see further upside over the next 24 hours. Later this week, BNB/USD should push higher to retest the previous significant support around $480 as resistance. From there, if BNB/USD can set a substantially higher low, we expect the market to reverse back to the upside and start moving to break the current all-time high of $680 next month.
Binance Coin Price Prediction: Conclusion
Binance Coin price prediction is bullish as a further downside was rejected over the past hours.BNB/USD has returned above the $360 mark over the last hours, indicating that we will see further push higher over the next 24 hours as bulls look to retest the previous major support at $480 as resistance.
While waiting for further Binance Coin price action development, read our guides on Bitcoins left to mine, how to invest in Bitcoin, as well as how to buy Ripple.
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-2021-05-19/
