Binance price prediction shows a 15% rally overnight

Binance Coin price prediction summary

• Binance Coin price analysis is bearish today.
• BNB/USD saw a quick spike below $415 support.
• Market likely to continue retracing.

Binance Coin price prediction indicates a bearish trend today, as a spike below $415 support was finally noticed, bringing in additional sellers. As a result, we anticipate BNB/USD to drop further over the next 24 hours.

The cryptocurrency market had traded bullishly in the last 24-hours. Bitcoin rose 3.74 percent, while Ethereum increased by 2.84 percent, according to data from CoinMarketCap. The Shiba Inu (SHIB) is the top performer, with a rise of almost 14%.

Binance Coin price prediction in the last 24 hours: BNB finally breaks the $415 price floor

In the last 24 hours, the Binance Coin/US Dollar pair has been fluctuating in a range of $401.22 to $423.55, which implies significant volatility over the previous day and a half. Trading volume increased by 12.91 percent and reached $1.51 billion, while the market capitalization was around $70.

BNB/USD 4-hour chart: BNB aims to correct lower?

On the hourly BNB price analysis chart, we can see that Binance Coin is approaching support at $415.BNB/USD 4-hour chart.

Source: TradingView

Binance Coin’s price has experienced significant bullish momentum in recent days and is currently trading in the green. From the previous major support at $320 to the current swing high of $450, BNB/USD has advanced 40 percent.

However, the market’s bullish momentum has slowed down in recent days, as evidenced by dramatically higher highs and several retests of $415 support during the past week. Yesterday, Binance consolidated just above the barrier until a sharp drop was observed overnight.

The price action of the Binance Coin has led us to believe that this week will see even more selling. We anticipate that BNB/USD will drop further to test even lower levels following the rally over the previous hours.

Binance Coin Price Prediction: Conclusion 

The price of Binance Coin is declining today, as a significant decline was seen overnight. As a result, the present reaction higher is most likely an initial high that will be followed by additional declines.