Binance Coin price analysis: BNB moves to retest $320, breakout overnight?

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  • 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.

Binance Coin price analysis: BNB moves to retest $320, breakout overnight? 1
Cryptocurrency heat map. Source: Coin360

The overall crypto market trades in the green over the last 24 hours. Bitcoin is up by 2 percent, while Ethereum 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.

Binance Coin price analysis: BNB moves to retest $320, breakout overnight?
BNB/USD 4-hour chart. Source: TradingView

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 Bitcoin, as well as Bitcoin fees.

Source: cryptopolitan.com

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