The crypto market has been on a roller coaster, with Bitcoin getting smashed between $3,000 and $3,800 in the past week. However, the recent selloff has been very short lived, and the price has since been moving back up to new highs. In the last 24 hours, the price has been trading between $311 and $320, with an upward bias, and $350 is also looking increasingly likely.
Binance Coin (BNB) has been gaining support in the past few days, following a two-week losing streak. On Friday, BNB saw a brief move above $320, but then fell back to $290.50, where it is currently holding. Analysis suggests that BNB might rally further, but it might also retreat over the weekend.Summary of the situation
- NBB set a lower high last night.
- The market price dropped this morning.
- The bears are currently preparing to cross the $300 mark.
Binance Coin price analysis indicates bearish momentum in the next 24 hours, as a clear lower high was established overnight. This development in price action will likely lead the NBB/USD to further declines over the weekend, with the next major support at $275.
Heat map for crypto-currencies. Source: Coin360
The cryptocurrency market has been in negative territory for the past 24 hours. Bitcoin remained unchanged, while Ethereum fell 1.14%. The other major altcoins are following Ethereum with a slight decline.
Binance currency price movement in the last 24 hours: Binance currency continues to decline
NBB/USD was trading in a range of $301.93 to $323.00, indicating high volatility. Trading volume fell slightly to USD 1.94 billion. At the same time, the cryptocurrency has a total market capitalization of about $47.4 billion, putting it in fourth place overall.
Four-hourly chart of NBB/USD: NBB ready to reach $275?
On the 4-hour chart, we see that the Binance coin is starting to push back from a high of $320 today, as the bears prepare for further declines over the weekend.
NBB/USD 4 hour chart. Source: TradingView
The overall market structure has turned bearish again after the multi-week rally that began in late June. After a jump to $225 on 22. In June, the BNB/USD slowly moved upwards to a peak of $340.
A low in the uptrend followed, with BNB peaking around $335 and setting a clear lower high. The NBB/USD then broke through the multi-week uptrend support line and formed a low around $290.
Earlier this week, the price of the Binance coin dropped back to the $320 mark to put it to the test again. As a further rise was quickly rejected, the NBB/USD pair reversed and began to decline earlier in the day. This price momentum should lead BNB to further declines over the weekend, with the next major price target at $275.
Binance currency price analysis: Supplement
The Binance coin price analysis for today is bearish, as a clear lower high was set overnight and the bears have started to push BNB/USD to new lows. Therefore, we can assume that the NBB/USD will reach the next support target at $275 over the weekend, which would mean a drop of about 10% from the current price.
In anticipation of a further drop in Binance Coin, read our long-term price predictions for BitTorrent, Uniswap and Siacoin.
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