Binance Coin price analysis: BNB consolidates below $320, prepares to break out of consolidation?


Bitcoin Cash, or BCH, has been a popular altcoin in the crypto space. It has many interesting features, such as being the only cryptocurrency to allow payments in all 3 forms of currency, namely BTC, BCH, and USDT. Its market capitalization currently stands at $8 bn, and it has a current circulating supply of 35.8 mln coins.

In a broader sense, the market sentiment is still bullish as Binance Coin is consolidating above the $315 resistance level. The market sentiment is quite high at the moment, as we are yet to see a price retracement or slump. The bullish market sentiment is likely due to the strong volumes that we have been seeing. Furthermore, the coin has seen a rise of over 15% in the past 1 week. This rise has allowed the coin to retest the $320 resistance level, but it failed to break past.

TL;DR Breakdown

  • BNB set higher low yesterday.
  • Resistance around $320 prevents further upside.
  • Next upswing target around $375.

Binance Coin price analysis is bullish for today as the market has set a higher low over the past few days and currently prepared to push higher again. Therefore, we can expect BNB/USD to reach the next target of around $375 next week and continue the several-week bullish momentum.

BNB/USD 4-hour chart. Source: TradingView

Binance Coin price analysis: BNB consolidates below $320, prepares to break out of consolidation?

The overall crypto market trades within an increasingly more bullish price action structure after a sharp spike lower to the $225 mark was seen on the 22nd of June. From a quick spike higher was seen, with BNB/USD eventually reaching resistance around $320.

A sideways movement followed over the following week until the $320 mark was broken and a higher high was set. This indicates that bulls are still in control and further upside can be expected over the remainder of July.

The next target is located around the $375 mark, and if breached would likely lead to a lot more upside later this month as bulls want to finally reverse the bearish price action structure and reach towards the previous all-time high.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bullish as the market has set another higher low along the several-week ascending support trendline. This BNB/USD price action development should lead towards a lot more upside next week, with the next target around $375 resistance.

While waiting for Binance Coin to set another higher high, read our guide on DeFi advantages, Bitcoin fees, as well as what can you buy with Bitcoin.

Disclaimer. The information provided is not trading advice. .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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Emilia James
By Emilia James

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