Binance Coin price analysis: Binance Coin retests the $320 resistance, moves back to $280?

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  • BNB moved to $320 yesterday.
  • Resistance prevented further upside overnight.
  • Market set to retest the $280 support next

Binance Coin price analysis indicates bearish movement over the next 24 hours. After reaching the $320 resistance, BNB/USD started to retrace earlier today and has almost reached the $280 support. From there, the market could go either way, and further price action development is needed.

Binance Coin price analysis: Binance Coin retests the $320 resistance, moves back to $280? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades with mixed results over the last 24 hours. Bitcoin is up by 1.6 percent, while Ethereum has dropped by 1.84 percent. Rest of the altcoins trade with similarly mixed results, with Dogecoin (DOGE) being among the best performers with a 7.3 percent gain.

Binance Coin price movement in the last 24 hours

BNB/USD traded in a range of $288 – $316, indicating a strong amount of volatility over the last 24 hours. Trading volume has decreased by 19.37 percent and totals $2 billion. Meanwhile, the total market cap trades around $44 billion, ranking the cryptocurrency in 4th place overall.

BNB/USD 4-hour chart – BNB moves to test $280 mark

On the 4-hour chart, we can see the Binance Coin price reversing after reaching the $320 resistance, which previously acted as a support.

Binance Coin price analysis: Binance Coin retests the $320 resistance, moves back to $280?
BNB/USD 4-hour chart. Source: TradingView

The overall Binance Coin price structure is still bearish as the market set a significantly lower low earlier this week with a rapid spike to the $225 mark. From there, BNB/USD started to move higher over the past few days and reached the $320 mark overnight.

From the $320 resistance, which previously acted as powerful support several times, BNB/USD started to push lower over the past hours. This means that we can expect a lot more downside over the weekend. 

The first support is seen at around $280. However, it will likely be quickly broken over the next hours, leading BNB/USD towards a lot more downside. Likely we will see the $200-$215 support area tested once again over the weekend. If the area holds, the market could start to prepare for a major reversal from there.

Alternatively, we will see BNB/USD move much lower and establish a lower low, further indicating that bears are still in control in a major way. Ultimately, this means that the best option, for now, is to wait for further Binance coin price action development.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bearish as the market moved lower from the $320 resistance and aims to test the $280 support. This should lead BNB/USD to a lot more downside over the next 24 hours as the market could prepare for another major push lower over the weekend.

While waiting for BNB/USD to move lower, read our guides on DeFi advantages, Bitcoin fees, as well as what can you buy with Bitcoin.

Source: cryptopolitan.com

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