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Bulls steer BNB/USD against $350 support, now heading for $360

Cryptopolitan


TL;DR Breakdown

  • After showing increased volatility, the BNB/USD pair price traded between $333 – $357
  • On the 4-hour BNB price analysis chart, BNB is trying to test resistance at $360
  • The coin bounced off the 20-day exponential moving average on the 4th of August.

Binance Coin Price Analysis: General price overview

Binance Coin has recorded a higher high on the daily chart. Still, it is already beginning to lose steam as one of its vital technical indicators suggests that the exchange coin could be headed for another decline. However, the Binance Coin Price Analysis is, bullish today after a retracement from the $340 region into the $350 price mark. 

Overall, the cryptocurrency market has made slight losses over the last 24 hours. Market leaders Bitcoin and Ethereum are down by  2.5 percent and 1.54  percent. The majority of the altcoins are within the red zone, with XRP being the worst performer, while PSG is the hottest gainer on the daily trading chart. 

When the value of a cryptocurrency suddenly drops, it can be challenging to know when the market will bounce back. The Momentum Reversal indicator, designed to predict trend reversals, has recently flashed its second consecutive signal. Suggesting high chances of Binance Coin undergoing a trend reversal in the upcoming sessions. 

Binance Coin price movement in the last 24 hours: Low trading activity

After showing increased volatility, the BNB/USD pair price traded between $333 – $357 over the last 24 hours. The trading volume was 8.09 percent lower than it was the previous day, with a total daily trading volume of $1.5 billion. Nevertheless, the total market capitalization improved by slightly less than 0.75 percent, and the coin is still ranking at number 4 among the top ten cryptocurrencies by market cap. 

Binance Coin 4-hour price chart: Road to $379

On the 4-hour Binance Coin price analysis chart, Binance Coin is preparing for a short-term push against highs beyond $355 before retesting $357. The entire chart on the 4-hour time frame is painted green with positive signals of bullish continuation in the following hours. 

The coin bounced off the 20-day exponential moving average on the 4th of August, which proved the existence of strengthening demand levels. In the days that followed and ahead of the previous weekend, the bulls attempted to thrust the $340 overhead resistance and managed to break above it on Friday.

The current resistance sits at $360 and prevents BNB from making the next mark on the 4-hour chart. This is also the main resistance preventing BNB/USD from reaching the $379 target. If it cannot pass this hurdle, then the coin has a high chance of falling below $350 and into the $330 zone. 

Conversely, suppose traders buy-in between $348-354; they might be able to consolidate some points above that line.

Binance Coin price analysis conclusion

In the short term, the price of BNB can increase significantly if it manages to sustain momentum above the 23.6% Fibonacci level. The next upside target for the Binance Exchange token is the 100-day simple moving average at  $374, a point at which buyers will step and drive the price towards the two main targets $379 and $385. 

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.



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