Binance Coin price analysis is bullish today.BNB/USD saw a swift drop to $360 overnight.Support at $360 currently holds.
Binance Coin price analysis is bullish today as we expect a reversal to follow after a strong spike lower from $400 resistance to $360 previous support. Therefore, BNB/USD will likely retrace and regain most of the loss over the next days.
Cryptocurrency heat map. Source: Coin360
The market has moved in the red over the last 24 hours. The leaders, Bitcoin and Ethereum, have lost 7.28 and 5.25 percent respectively. Binance Coin (BNB) follows closely with an almost 7 percent loss.
Binance Coin price movement in the last 24 hours: Binance Coin drops 9 percent, finds support above $360 again
BNB/USD traded in a range of $364.09 – $395.07, indicating strong volatility over the last 24 hours. Trading volume has declined by 12.79 percent, totaling $2.12 billion, while the total market cap trades around $60.6 billion, ranking the coin still in 4th place overall.
BNB/USD 4-hour chart: BNB begins to reverse above $360?
On the 4-hour chart, we can see the Binance Coin price starting to reject further downside, likely leading to reversal over the next 24 hours.
BNB/USD 4-hour chart. Source: TradingView
Binance Coin price action has seen failure to retrace further after a swift drop from the $425 previous high that was set on the 1st of March. Support was initially found around $370, with a further test of downside pushing slightly above $360 on Monday.
Yesterday, BNB/USD broke out of the consolidation, quickly reaching the $400 mark and potentially setting the first sign of reversal back to the upside. Swift retracement did follow later in the day, leading back to $360 support over the last hours as strong selling continued overnight.
This Binance Coin price action development has led to another test of the $360 major support. However, as long as it is not broken, we expect BNB/USD to continue higher later in the week.
Binance Coin price analysis: Conclusion
Binance Coin price analysis is bullish today as we have seen a strong decline over the last 24 hours lead to a strong support level at $360. Currently, signs of rejection for further downside are already seen, likely leading BNB/USD to reverse soon.