TL;DR Breakdown
Binance Coin price analysis is bullish today.BNB/USD saw a swift drop to $360 overnight.Support at $360 currently holds.
Binance Coin’s price is rising today, as we anticipate a reversal to follow after a strong drop from $400 resistance down to $360 previous support. As a result, BNB/USD will most likely retrace and recover much of the loss over the following days.
We can see that the BNB/USD pair formed a descending triangle pattern on the 1-hour chart. The breakout occurred a few hours ago when the price surged above the $390 resistance. However, it is likely to face resistance at the $400 level. If bulls break above this, then we could see a move towards the $415 and $430 levels.
Binance Coin price movement in the last 24 hours: Binance Coin drops 9 percent, finds support above $360 again
On the downside, a break below the $390 level could push the price towards the $380 support area. The overall trend is bullish as long as the price stays above the $360 support zone.
Binance Coin’s price is rising today, as we anticipate a reversal to follow after a strong drop from $400 resistance down to $360 previous support. As a result, BNB/USD will most likely retrace and recover much of the loss over the following days.
BNB/USD 4-hour chart: BNB begins to reverse above $360?
On the hourly chart, we may observe that the Binance Coin price is starting to resist further loss, perhaps setting the stage for a rally over the next 24 hours.
BNB/USD 4-hour chart. Source:Â 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.
The MACD has seen a bullish crossover and is now starting to move in an upwards direction, although the RSI is indicating oversold conditions. The Ichimoku Cloud on the 4-hour chart shows that the support level at $360 has been holding so far. If this zone can continue to hold, we may see a reversal back up to the $390 – $405 range in the next day or two.
On the downside, a break below the $390 level could push the price towards the $380 support area. The overall trend is bullish as long as the price stays above the $360 support zone.
Binance Coin’s price is rising today, as we anticipate a reversal to follow after a strong drop from $400 resistance down to $360 previous support. As a result, BNB/USD will most likely retrace and recover much of the loss over the following days.
Yesterday, Binance’s native token, Binance Coin (BNB), broke out of the consolidation and accelerated through the $400 barrier with potential to establish a first indication of reversal back upwards. Later in the day, there was a swift retracement that returned to $360 support over the last hours as strong selling persisted overnight.
Binance Coin price analysis: ConclusionÂ
The Binance Coin price analysis is bullish today, as we saw a significant drop over the last 24 hours result in a firm support level at $360. Signs of rejection for further downside are already evident, suggesting that BNB/USD will reverse soon.
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