Binance Coin price analysis: BNB moves to retest $320, breakout overnight?
2 min readTL;DR Breakdown
- BNB moved higher yesterday.
- Binance Coin aims to test $320.
- Next resistance at $375.
Binance Coin price analysis is bullish for today as the market is drawn towards the $320 resistance. Therefore, further price action development will determine where BNB/USD will head next.
The overall crypto market trades in the green over the last 24 hours. BTC is up by 2 percent, while ETH 5.5 percent. The rest of the market follows this pattern of slight bullish results.
Binance Coin price movement in the last 24 hours
BNB/USD traded in a range of $292 – $313 indicating a moderate amount of volatility. Trading volume has increased by 24.6 percent and totals $1.345 billion. The total market capitalization stands at around $47.9 billion, ranking cryptocurrency in 4th place overall.
BNB/USD 4-hour chart – BNB approaches $320 again
On the 4-hour chart, we can see the Binance Coin price moving higher over the last 24 hours to test the $320 mark.
The overall market traded with a strong bearish momentum over the last weeks, resulting in a decline of around 45 percent from the $425 previous high. The previous major low around $210 was not broken, indicating that we could see reversal build up later this month. However, first BNB/USD has to break above the $320 mark and move higher from there.
Earlier this week another higher low was established around $275 after the second retest of the $320 mark. From there, BNB/USD rallied higher again as bulls want to finally break higher.
Currently, the $320 mark is still to be tested. If Binance coin breaks above it, we can expect a lot more upside next week to the $320 mark. Alternatively, another retracement is expected early next week which could send BNB/USD towards a lot more downside towards the current several-week low of $225.
Binance Coin Price Analysis: Conclusion
Binance Coin price analysis is bullish for the next hours as the market saw bullish momentum over the last 24 hours and bulls want to finally break above the $320 resistance.
While waiting for BNB to break $320, read our articles on what is DeFi, what you can buy with BTC, as well as BTC fees.
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