Binance Coin Price Analysis: BNB/USD spikes to $423, declines to $410

TL;DR Breakdown

• Today’s Binance Coin price analysis is still trading bearishly
• Bulls are still struggling to hold the $400 support level
• BNB/USD could reverse to $390

Today’s Binance Coin price analysis is still trading bearishly for today after a brief spike yesternight to the $423 mark and a sudden downtrend to the $403 region at the opening of today’s market. The bulls might have gotten exhausted at the close of yesterday’s session, resulting in a 1.25 percent downtrend this morning. Buyers are still struggling to hold the $400 support level, and this could result in another breakdown below this region into the $390 zone. 

The overall market has been trading with mixed results over the last 24 hours. Bitcoin has shed 0.954 percent, while Ethereum is up by 1.57 percent. Meanwhile, Solana (SOL) is among the best performers, with a gain of 20 percent after breaking above the $200 region.

Binance Coin price movement in the last 24 hours: Binance Coin drops to $410

According to our daily Binance Coin price analysis, BNB/USD traded in a range of $403.38 – $418.34, indicating a high amount of volatility over the last 24 hours. Trading volume has reduced by 35.1 percent and totals $2.94 billion, while the total market capitalization trades around $69.157 billion, ranking the coin at position 4th place overall.

BNB/USD 4-hour chart: BNB prepares for a retracement?

The 4-hour Binance Coin price analysis chart shows the Binance Coin price action attempting to correct below the $410 minor support. This situation could activate a bearish pressure ending at $400 and strain any upwards movements.

Binance Coin is trying to resume a bullish wave that started in August, ending at a swing high of $505. The coin has already gained more than 100 percent within the past few weeks, and the current bearish momentum is only creating a choppy market for the time being.

BNB/USD gained another 10 percent yesterday after setting a swing low at $390 and consolidating again to the $423 mark. The price action development is expected to lead the Binance coin towards a downward correction later during the day. 

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis indicates a bearish trend today with low chances of sustaining the $400 mark. Therefore, we are expecting Binance Coin to reverse later and dip towards the $390 support level. 

While waiting for Binance Coin to move further, read our articles on Bitcoin Futures, Decentralized Exchanges, as well as NFT Marketplace.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source: https://api.follow.it/track-rss-story-click/v3/tHfgumto13DSe-dhkCZ1xm7fhEn5oRuR