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

TL;DR Breakdown

  • 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.

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.Β 

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: ConclusionΒ 

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.

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.