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Binance Coin Price Analysis: BNB slowly continues lower, targets $540 next?

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  • Binance Coin price analysis is bearish today.
  • BNB/USD saw further lower lows set yesterday.
  • Closest support at $540. 

Binance Coin price analysis is bearish today as we saw further lows tester over the last 24 hours. Therefore, BNB/USD should continue even lower today, with the next support target at $540.

Binance Coin Price Analysis: BNB slowly continues lower, targets $540 next? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen bearish momentum continue over the last 24 hours. The market leaders, Bitcoin and Ethereum, are down by 1.93 and 2.02 percent, respectively. Meanwhile, Crypto.com Coin (CRO) is the best performer, with a gain of over 10 percent.

Binance Coin price movement in the last 24 hours: Binance Coin moves past $570, sets further lower low

BNB/USD traded in a range of $554.27 – $584.48, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 17.23 percent, totaling $2.53 billion, while the total market cap trades around  $94.8 billion, ranking the coin in 3rd place overall.

BNB/USD 4-hour chart: BNB targets $540 next?

On the 4-hour chart, we can see a slight retracement this morning as the Binance Coin price action looks to set another lower high before declining further.

Binance Coin Price Analysis: BNB continues lower, targets $540 next?
BNB/USD 4-hour chart. Source: TradingView

Despite the recent news of Binance seeking investment from sovereign wealth funds, the price of BNB has continued to decline this week. A strong lower swing low has been set after peaking at $604 over the weekend, leading to the current decline.

Earlier in November, we saw BNB/USD drop more than 20 percent from the $660 high to $510 low, reached on the 18th of November. Sharp recovery to $604 followed late last week, however, it did not last for long.

Bearish momentum has returned over the past days, leading to several local lower lows and highs set. After peaking at $554 yesterday, we can see a slight retracement so far today as another lower high is likely being established. From there, we expect the Binance Coin price to continue lower as there are still no signs of recovery.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bearish today as both a lower low and high have been set over the last 24 hours. Therefore, BNB/USD should continue even lower later today, with the next support at $540.

While waiting for Binance Coin to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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