Binance Coin price analysis: Binance Coin retests the $320 resistance, moves back to $280?
Binance Coin, the cryptocurrency exchange’s native token, has been on a rather tumultuous month. The coin is down 60% since the past few weeks and now retests the $320 resistance. The coin had a volatile start of the year and struggled to cope with the Chinese clamp down on cryptocurrencies. The new year has seen a slight recovery in the currency, with the coin holding above $300.
The Binance Coin price is continuing to inch higher, powering back towards the $320 resistance. The Binance Coin price retested the $320 resistance level today, but failed to close above. There are still a lot of hurdles to clear before the Binance Coin price can climb higher, which could lead us to a close to the month with a double top in place.
Binance Coin (BNB) is starting the week off with a bang, as Binance Coin price is sitting at $320 at the time of writing.. Read more about what is bnb crypto and let us know what you think.
Summary of the situation
BNB hit $320 yesterday.
Resistance prevented further gains during the night.
The market will then retest the $280 support level.
Binance Coin price analysis shows bearish movement in the next 24 hours. After hitting resistance at $320, the NBB/USD began a pullback today and almost reached the $280 support level. From there, the market can go in any direction and price action is necessary.
4-hour chart NBB/USD. Source: TradingView
The overall price structure of Binance Coin remains bearish as the market hit a much lower bottom earlier this week after rising towards the $225 mark. Since then, the BNB/USD exchange rate has risen in recent days, reaching $320 overnight.
From the resistance at $320, which has acted as a strong support on several occasions, BNB/USD started to decline in the last few hours. So we can expect the delay to increase over the weekend.
Initial support is seen around $280. However, it is likely to be broken soon in the coming hours, leading to a sharp decline in the NBB/USD. We will likely see a retest of the $200-215 support zone this weekend. If this area holds up, the market could be preparing for a major reversal from here.
Alternatively, we will see the NBB/USD move sharply lower and form a lower low, which is another indication that the bears are still in control. Ultimately, this means that the best option at the moment is to wait for the momentum of the Binance coin price to develop further.
Binance currency price analysis: Supplement
Binance Coin price analysis is bearish now that the market has fallen from $320 resistance and is trying to test the $280 support level. This should lead to a sharp decline in the NBB/USD pair over the next 24 hours as the market may be gearing up for another sharp decline into the weekend.
In anticipation of the NBB/USD drop, read our guides on the benefits of DeFi, bitcoin commissions and what to buy with bitcoin.
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