TL;DR Breakdown
- Binance Coin price analysis is bullish today.
- BNB/USD broke $405 support yesterday.
- Next target at $390 reached overnight.
Binance Coin price analysis is bullish today as we have seen the $390 support reached after further decline overnight. Likely sellers are now exhausted, and BNB/USD will look to regain some of the loss today.
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 2.76 percent, while Ethereum 5.57 percent. Meanwhile, Binance Coin (BNB) followed with almost a 5 percent loss.
Binance Coin price movement in the last 24 hours: Binance Coin breaks lower after setting lower high
BNB/USD traded in a range of $393.98 – $419.29, indicating strong volatility over the last 24 hours. Trading volume has declined by 20.46 percent, totaling $1.68 billion. Meanwhile, the total market cap trades around $65.5 billion, ranking the coin in 4th place overall.
BNB/USD 4-hour chart: BNB pauses above $390
On the 4-hour chart, we can see the Binance Coin price action finding support at the $390 next support, likely leading to a reaction higher today.
Binance Coin price has posted a strong new swing higher high this week. After setting a lower low at $360, strong buying pressure returned on the 4th of February.
Over the next day, BNB/USD broke past the $390 previous resistance, gaining 20 percent to $430. After a retest of $405 as support, further upside followed to $440 on the 7th of February.
Another reaction lower quickly followed to $405, with a lower high set at $435 day later. Therefore, a head and shoulders reversal pattern was formed. The Binance Coin price rapidly declined since, leading to a strong lower low set at $390 overnight to today.
Binance Coin price analysis: Conclusion
Binance Coin price analysis is bullish as we expect a reaction higher from the $390 support. Likely sellers are exhausted after setting a strong lower low, and recovery of some of the loss will be seen over the next 24 hours.
While waiting for Binance Coin to move further, see our articles on Coinbase vs Coinbase Pro, Hardware vs Software wallet comparison, best Crypto trading platforms in the USA.
