TL;DR Breakdown
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
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.
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.
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.
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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