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28 October 2021
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Binance Coin Price Analysis: BNB retests $440 resistance, a retracement to follow?

Binance Coin price analysis is bearish today as the market struggled to break past the $440 resistance. As BNB/USD has formed a consolidation below the $440 resistance, we expect the market to retrace over the next 24 hours and set a higher low.

Binance Coin Price Analysis: BNB retests $440 resistance, a retracement to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded slightly in the red over the last 24 hours. The market leader, Bitcoin, is down by 1.11 percent, while Ethereum is down by 3.17 percent. Meanwhile, Avalanche (AVAX) is the best performer, with a gain of 22 percent.

Binance Coin price movement in the last 24 hours: Binance Coin consolidates below $440 resistance

BNB/USD traded in a range of $422.54 – $436.42, indicating low volatility over the last 24 hours. Trading volume has decreased by 6.24 percent and totals $1.75 billion, while the total market cap trades around $71.22 billion, ranking the coin in 4th place overall.

BNB/USD 4-hour chart: BNB set to retrace?

On the 4-hour chart, 

Binance Coin Price Analysis: BNB retests $440 resistance, a retracement to follow?
BNB/USD 4-hour chart. Source: TradingView

Binance Coin price action has seen a reduction of volatility over the past days compared to what we saw last week. After peaking below the $510 mark, BNB/USD saw a rapid decline of more than 25 percent, with support, found around $375-$390 area.

From there, Binance Coin traded in a relatively low range, retesting $440 previous support as resistance last Friday. From there, BNB slowly retraced to $390, where support was found on Monday.

What followed was a substantial advance yesterday, with the $440 resistance retested again. Since then, the Binance Coin price has consolidated below the resistance, indicating further downside to follow later this week.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bearish for today as consolidation was formed below the $440 resistance, and bears started to gain momentum. Therefore, we expect BNB/USD to retrace further and look to set another higher low.

While waiting for Binance Coin to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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