Binance Coin Price Prediction: BNB bears take over, price retests lower $610 support

Binance Coin price prediction

• Binance Coin (BNB) opened today’s chart at a price of $632.
• BNB/USD traded within a broad range between $611 and $635.

Binance Coin (BNB) opened today’s 1-day candlesticks at a price of $632 per piece. At the close of yesterday’s session, the coin had already broken out of an uptrend and crashed from the $640 region. 

While BNB was trading below $650 for the better part of yesterday, Tuesday has begun at a lower note with the exchange token setting a lower high at $635. The bears are acting strong and preventing any upsides past the $630 mark. In fact, the price of Binance Coin has already touched an intraday low of $611.

1-day candlesticks Binance Coin price prediction 

In the last 24-hours, BNB/USD traded within a broad range between $611 and $635. Suggesting the presence of increasingly high market volatility. Meanwhile, the daily trading volume went up by 12 percent to $2.459 billion. On the other hand, BNB is ranked at position #3 among the top 10 altcoins by market capitalization, with a market value of $102.53 billion. 

On the hourly chart, Binance Coin is trading at $616 following a rapid downtrend starting from the resistance near $629. Presently, the bears have taken control of the market and are trying to break below the $610 support. A situation that could bring the price crashing below the psychological mark into the $590 region.

BNB/USD 4-hour chart. Source: TradingView

According to our past Binance Coin price predictions, BNB/USD has traded along strong bullishness for the past 2-weeks. We noted that buyer volumes went up following a previous low near $440 and a subsequent retracement to the $500 level.

Last week, Binance Coin price broke past resistance at $510 and retested a major support. At the end of last week, the price surpassed the $600 mark and has been trading well above it since then. The breakout to $650 signified heightening buyer pressure, however, this morning the price went down to the $610 support, indicating an increase in seller volumes today.

Binance Coin price prediction conclusion

The price of Binance Coin is breaking below a strong technical foundation that had been established between $640 and $650. While the bulls had their next major target at $690, the bears seem to have taken control but we still anticipate Binance Coin price to recover and retest the all time high soon.