Binance Price Prediction: BNB retracing near $380 after overnight downtrend

TL;DR Breakdown

• Binance Coin price prediction suggests selling action
• BNB/USD could not breach the $440 resistance today.
• Binance Coin starts to head lower.

Binance Coin’s price is bearish today, as the market failed to break through $440. We anticipate the market to retrace over the next 24 hours and establish a higher low as BNB/USD has formed a consolidation beneath $440.Cryptocurrency heat map. Source: Coin360

24-hour Binance Coin price prediction: Binance Coin consolidates below $440 resistance

Over the past 24 hours, BNB’s price has ranged between $422.54 and $436.42 on Binance, suggesting low volatility. Trading volume fell by 6.24 percent to $1.75 billion, putting the market capitalization at around $71.22 billion, placing it in the fourth position globally.

 4-hour Binance Coin Price Prediction Chart: BNB set to retrace?

On the 4-hour chart, the Bollinger Bands indicate that the market is trading within a range. The RSI indicator has started to decline after reaching overbought territory, suggesting that the market might retrace soon.

The MACD 4-hour chart indicates that BNB/USD is currently bearish as it trades below its signal line.

4-hour chart. Source: TradingView

The Binance Coin price movement has recently seen a decrease in volatility compared to what we witnessed last week. After reaching a high of $510, BNB/USD saw a rapid fall of around 25 percent, with support at about $375-$390.

On Thursday, Binance Coin extended losses against the US dollar after testing $440 support the previous day. From there, BNB fell back to $390 on Monday, where support was discovered.

A strong surge occurred yesterday, with the $440 resistance revisited. Since then, the Binance Coin price has stayed below the barrier, suggesting additional losses this week.

Binance Coin Price Prediction: Conclusion 

The Bearish Binance Coin Technical Analysis indicates that for today, consolidation was formed below the $440 support level, and bears began to gain momentum. As a result, we anticipate BNB/USD to decline further and look for another higher low.

BNB/USD will likely retrace back to the bottom of the descending channel at about $375. On a larger time scale, we expect BNB/USD to reach a support level at around $350 before initiating another bullish movement.

Short-term prospects for Binance Coin as it reaches towards its lower boundary of the ascending channel

Since the market is below its moving averages, we have placed our bet on a retrace on Binance Coin price.

For today, further losses are to be anticipated before any case of recovery takes place.

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