Binance Coin and the Binance exchange have been the best performers in the cryptocurrency market this year, but the good times may be coming to an end. Binance Coin has been highly correlated to Bitcoin, which has seen a massive correction this month, and the pair has been highly correlated to each other. Bitcoin Cash, on the other hand, has been in the headlines for its recent hard fork, which many believe has caused institutional investors to withhold from buying Binance Coin.
Binance Coin is a relatively new cryptocurrency in the market, this is the best investment to make. Binance Coin is a security token issued by Binance.com. Currently the price of Binance Coin is $325. It is highly likely Binance Coin will make a retest of $300, which is the breakout point. Binance Coin has a very good potential to increase in value as Binance itself is a highly popular exchange, and it is far better to invest in a company with a good future rather than a go-nowhere project.Summary of the situation
- Yesterday, BNB went down.
- Support is around $325.
- The market is gearing up for a rally.
The Binance Coin price analysis for today is bullish as the bears failed to push the market lower overnight and the bulls are preparing to push BNB/USD towards $375 resistance. Crypto-currency heat map. Source: Coin360 Overall, the market traded with slightly bearish momentum over the past 24 hours. Bitcoin fell 5.2 percent and Ethereum fell 4.2 percent. Ripple (XRP) and VeChain (VET) are among the worst performers with losses of 5%.
Binance currency price movements over the past 24 hours
BNB/USD was trading in a range of $328 to $354, indicating moderate volatility. Trading volume increased 11% to $1.56 billion. At the same time, the total value of the market is $52.2 billion, which puts the cryptocurrency in 4th place overall.
NBB/USD Four hour chart – NBB collapsed yesterday
On the 4-hour chart, we can see that the price of Binance Coin has returned to the $325 support level and, for now, refuses to decline further. NBB/USD 4-hour chart. Source: TradingView The overall trend in price action remains neutral, as the NBB/USD moved sideways last week with $325 as support and $375 as resistance. This development came after a new high of $425 was reached in early June, suggesting that the bulls are looking to regain control of the market. In recent days, Binance Coin’s price approached $375, followed by a pullback to test the $325 support level for the second time. This means that the bears are probably exhausted and the market is ready to run up again. Overnight, a small consolidation zone formed around the $325 level, meaning we can expect a rise from there. So, once the NBB/USD is able to break above the current local resistance of $346, we can expect a new upside move. From there, the next target is $425, as that is where the top of the previous swing was set. Another target is $480, which represents an increase of about 40 percent from the current price level.
Binance currency price analysis: Supplement
Binance Coin price analysis is bullish now that the BNB/USD pair did not decline and retested the $325 level. This should lead Binance Coin to another upside move next week, with the next resistance at the $375 level. In anticipation of the BNB rise, read our guides on Chinese miners, Cardano problems and how to cash out bitcoins. 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.
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