Binance Coin price analysis is bearish today.BNB/USD saw a quick spike below $415 support.Market likely to continue retracing.
Binance Coin price analysis is bearish today as a spike below $415 support was finally seen, inviting more sellers into the market. Therefore, we expect BNB/USD to continue lower over the next 24 hours.
Cryptocurrency heat map. Source: Coin360
The overall market traded with mixed results. The market leader, Bitcoin, gained 2.64 percent, while Ethereum was up by 0.84 percent. Meanwhile, Shiba Inu (SHIB) is the top performer, with a gain of almost 14 percent.
Binance Coin price movement in the last 24 hours: Binance Coin finally breaks $415 support
BNB/USD traded in a range of $401.22 – $423.55, indicating strong volatility over the last 24 hours. Trading volume has increased by 12.91 percent and totals $1.51 billion, while the total market cap trades around $70.34 billion, ranking the coin in 4th place overall.
BNB/USD 4-hour chart: BNB looking to move lower?
On the 4-hour chart, we can see Binance Coin price returning back above $415 support, likely before more bearish momentum builds up.
BNB/USD 4-hour chart. Source: TradingView
Binance Coin price has seen strong bullish momentum return so far this month. From the previous major support at $320 to the current swing high of $450, BNB/USD gained 40 percent.
However, bullish momentum has slowed down over the past days, indicated by only slightly higher highs and several retests of $415 support over the past week. Yesterday, BNB consolidated just above the support until a spike lower was seen overnight.
The Binance Coin price action development indicates that more downside will be tested this week. After the rally higher over the past hours, we expect BNB/USD will move lower again to test even further lows.
Binance Coin Price Analysis: Conclusion
Binance Coin price analysis is bearish today as a sharp spike lower was seen overnight. Therefore, the current reaction higher is likely a lower high set before more downside follows.
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