Binance Coin price analysis: BNB still holds below $390, drop incoming?

TL;DR Breakdown

• Binance Coin price analysis is bearish today.
• BNB/USD continued to hold below $390 resistance.
• Closest support at $360.

Binance Coin price analysis is bearish today as we expect another drop to follow soon. Since the $390 resistance could not be broken, BNB/USD likely needs to set another swing low before more upside can be seen.

The cryptocurrency market has seen bullish momentum continue over the last 24 hours. The market leaders, Bitcoin and Ethereum, have gained 0.65 and 2.84 percent, respectively. Meanwhile, Binance Coin (BNB) trades almost flat, with a small loss fo 0.03 percent.

Binance Coin price movement in the last 24 hours: Binance Coin moves sideways

BNB/USD traded in a range of $381.68 – $396.77, indicating mild volatility over the last 24 hours. Trading volume has declined by 9.97 percent, totaling $1.338 billion. Meanwhile, the total market cap trades around $63.46 billion, ranking the coin in 4th place overall.

BNB/USD 4-hour chart: BNB looks to decline again?

On the 4-hour chart, we can see the Binance Coin price failing to reach further upside, likely leading to another retracement soon.

Binance Coin has seen an end to the substantial decline that was seen earlier in the month.  After support was found and retested at $340 last week, BNB/USD moved to set higher local high at $400, indicating bullish momentum slowly taking over.

Higher low wa set at $360 on Thursday, followed by another attempt to move higher. This time, BNB/USD failed to breach $390, moving into a consolidation for the past days.

Therefore, we expect another drop to follow soon. Likely BNB/USD will look to set another higher low before the $390 can be broken next week.

Binance Coin price analysis: Conclusion 

Binance Coin price analysis is bearish today as we expect another drop to follow after failure to breach $390. Likely another higher low will be set next from which to attempt to break higher.

While waiting for Binance Coin to move further, see our articles on Coinbase vs Coinbase Pro, Hardware vs Software wallet comparison, best Crypto trading platforms in the USA.