Binance Coin Price Analysis: Bears cause BNB pullback to $450 region, will the coin recover?

TL;DR Breakdown

• Today’s Binance Coin price analysis is bearish after a 4.56  percent retracement over the last 24 hours. 
• BNB/USD traded within a daily range of $448– $465.
• Binance Coin price action has witnessed bullish patterns in the past 4 -weeks until Sunday night. 

Binance Coin price analysis is bearish on the daily chart after undergoing a 4.56 percent retracement to the $448 mark following strong selling pressure. The coin begun a retracement path on Sunday night and on Monday morning, the bulls had lost control of the market and the coin dropped to the $477 region. We are expecting to record more losses into the day as sellers sustain more momentum to strongly prevent further upsides.

Binance Coin price movement in the last 24 -hours: Will bulls breach resistance at $459?

According to our  24-hour Candlesticks Binance Coin price analysis, BNB/USD traded within a daily range of $448– $465.The moderate length suggests volatility is moderately distributed across the daily chart.  Meanwhile, the exchange token’s trading volume faced a 28.40 percent surge to a total of $2.15 billion. The total market capitalization stands at $77.7 billion after a 3.28 percent drop in the last 24 hours. BNB is ranking at position #4 by market cap.

4-hour Binance Coin Price Analysis: Bulls aim for $460

On the 4-hour Binance Coin price analysis, BNB/USD pair is trading upwards as bulls attempt to cross into the $460 region once more time. 

Buyers are focused on overcoming bearish momentum that’s pulling the Binance Coin price action towards the early August $430 swing high. The bulls seem persistent to set a high low on the 24-hour chart, but a tug fight has ensured with resistance near $459. 

_{Source: Tradingview}

Binance Coin price action has strong buying pressure in the last month. This was after the coin underwent a rapid swing low in June to the $234 mark ahead of rallying by approximately 230- percent to hit the psychological barrier at $500.

Binance Coin price analysis conclusion

Binance Coin’s price analysis is bullish as a strong rally was seen yesterday, and the market price currently trades just near the $487 mark. Therefore, we expect BNB/USD to swing higher later today and target the $495 mark next. While waiting for BNB/USD to move further, read our articles on Decentralized Exchanges, NFT Marketplace, and Bitcoin Futures

Disclaimer. The information provided is not trading advice. Cryptopolitan.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.

Source: https://api.follow.it/track-rss-story-click/v3/tHfgumto13ALH346kqSQM0FW8UNEQjUn