Binance Coin price prediction: Binance Coin breaks $280 support, prepares to reverse around $215

TL;DR Breakdown

• BNB breaks below $280.
• Bearish momentum still moves the market lower.
• Support found around $215.

Today’s Binance Coin price prediction is bullish as the market has made another spike lower over the past hours to the $215 mark. BNB/USD currently rejects further downside, indicating that we might see further upside over the next 24 hours.

The crypto market trades with a very bearish momentum over the last 24 hours. Bitcoin has moved below the $33,000 mark with a loss of 14 percent. Ethereum has seen even worse performance as it moved below the $2,000 mark and has a 24-hour loss of almost 17 percent. The rest of the crypto market follows this pattern with mixed but bearish results.

BNB/USD opened at $299.75 today after a slight bearish close yesterday. Since then, the Binance Coin price action has continued to move lower at an increasing pace and reached $215 support over the past hours. Therefore, we might see the market reverse later today to retest the previous support at $280 as resistance.

Binance Coin price movement in the last 24 hours

The BNB/USD price moved in a range of $213 – $313, indicating severe volatility over the last 24 hours. Trading volume has decreased by 19.42 percent and totals $4.2 billion. Meanwhile, the total market capitalization trades around 35.3 billion, ranking the cryptocurrency in 6th place overall.

BNB/USD 4-hour chart – breaks another low

On the 4-hour chart, we can see the Binance Coin price action continuing to push lower today.

The overall market has continued to move lower over the past days after setting a new all-time high around $2680 at the beginning of May. After a failure to move higher above the $680 resistance, BNB/USD started trending lower on the 12th of May. Since then, the market has retraced almost 70 percent, indicating that BNB/USD is heavily oversold.

Yesterday we saw the Binance Coin price action consolidate above the $280, where the previous swing low was established earlier this week. However, earlier today, the support was broken, resulting in another sharp move lower. Currently, support is found around the $215 mark, with the next support located relatively close by – around the $200 mark. 

Therefore, even if we see further downside over the next 24 hours, we should see BNB/USD start to reverse in a major way over the next week. If the market can return above the $400 mark, we should expect the overall price momentum to shift back to being bullish.

Binance Coin Price Prediction: Conclusion 

Binance Coin price prediction is bullish as a further downside was set over the past hours. Support around $215 currently holds the market from further downside, meaning that we could see some retracement later today. If the market can break above the $280 support, we can expect a reversal next week.

While waiting for further Binance Coin price action development, read our latest guide on other major cryptocurrencies such as Zcash, Litecoin, and Ripple. 

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://www.cryptopolitan.com/binance-coin-price-analysis-2021-05-23/