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

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The Binance Coin (BNB) is the trading name of an Ethereum-based token which runs on the Binance chain. The BNB has been designed to serve as a native currency within the Binance ecosystem. Its primary use case is as an on-chain currency for Binance exchange users. Binance currently processes over 10 million orders per day, and uses the BNB as a fee for industry-leading transaction speed and security, as well as for discounts on trading fees.

At the time of this post, Binance Coin (BNB) has a circulating supply of 67,872,592 BNB and a total supply of 100,000,000 BNB. The Binance Coin price remains stuck in a range between $295 and $320, having been trapped there for the past few days. Today’s Binance Coin price action is not a precursor for a breakout in either direction, but it is worth keeping an eye on as prices could change by the end of the day. When Binance launched a few months ago, BNB was trading at $1.00. The cryptocurrency has since moved up to $11.00, but has fallen to $9.30 in the last few days.

The price of Binance Coin has been on a steady incline over the past few months, but has settled more recently. Today it’s up by 1.4% after some sharp movements earlier today. The coin’s value has been on the rise over the last week, but has remained under the psychological $400 mark. However, it’s been retracing all over the past hour, from as low as $352.00 to as high as $379.00.. Read more about matic coin technical analysis and let us know what you think.

Summary of the situation

  • BNB made progress yesterday.
  • Binance Coin wants to test $320.
  • The next resistance is at $375.

Binance Coin price analysis for today is bullish as the market reaches $320 resistance. Therefore, further price action will determine the evolution of the NBB/USD.

Heatmap for crypto-currencies. Source: Coin360

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

Overall, the cryptocurrency market was in the green for the past 24 hours. Bitcoin was up 2 percent and Ethereum was up 5.5 percent. The rest of the market follows this pattern with slightly upward results.

Binance currency price movements over the past 24 hours

BNB/USD was trading in a range of $292 to $313, indicating moderate volatility. Trade volume increased 24.6% to $1.345 billion. The total market capitalization is about $47.9 billion, putting the cryptocurrency in 4th place overall.

Chart 4-Hour BNB/USD – BNB Approaching $320 Again

On the 4-hour chart, we can see that the price of Binance Coin has increased over the past 24 hours and tested the $320 mark.

4 hour chart NBB/USD. Source: TradingView

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

The market as a whole has shown a strong downward trend in recent weeks, resulting in a decline of about 45% from the previous high of $425. The previous key low around $210 was not broken, suggesting that we could see a reversal this month. However, the NBB/USD pair must first break through the $320 level and get stronger from there.

Earlier this week, a new low was reached around $275 after a second test of the $320 level. From there, the NBB/USD pair rose to the upside as the bulls finally looked to make a breakout to the upside.

The $320 level has not been tested at this stage. If the Binance currency breaks through this threshold, we can expect a further advance towards the $320 mark next week. Otherwise, another pullback is expected early next week, which could send the NBB/USD pair further towards the current multi-week low of $225.

Binance currency price analysis: Supplement

Binance Coin price analysis for the next few hours is bullish, as the market has seen bullish momentum over the past 24 hours and the bulls are finally looking to break out above the $320 resistance level.

While we wait for BNB to break the $320 mark, you can read our articles on what DeFi is, what you can buy with bitcoins, and bitcoin fees.

Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.After breaking out of the nine-month consolidation range, Binance Coin moved within striking distance of this year’s all-time high near $320, perhaps signaling a break to the upside, according to this article. Binance Coin has been in a consolidation pattern since February 2018, and has failed to break above its prior high since the middle of October 2017. As a result, the cryptocurrency remains in a sideways trading range as it hovers around the $265 level.. Read more about ada coin analysis and let us know what you think.

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Emilia James
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