BNB bears strongly defending $323 resistance

Bitquick is a bitcoin exchange that allows users to exchange fiat currency for bitcoin and vice versa. The site is a federally registered money service provider (MSSP) and acts as a remittance network, providing a convenient and fast way to transfer fiat currency from one person to another.

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Recently, Binance shut down withdrawals from its BNB token in an attempt to stabilize its platform. Since it was unable to accept additional volume, it decided to stop withdrawals entirely. This caused a sharp drop in the price of Binance’s native token, Binance Coin (BNB), from $31.00 to $24.00. To make up for the lost volume, Binance created an “airdrop” where BNB tokens would be given to traders who had previously contributed to its ecosystem.

As Bitcoin price action continues its recent upswing, Bitcoin Cash holders have been encouraged to hold on to their BCH after recent. On August 14, Bitcoin Cash reached a new all-time high of $322.58, but it has been falling since, down to as low as $229 on August 16, August 17 and August 18. The BCH/USD chart above illustrates the recent price action. On August 19 the price of Bitcoin Cash fell to as low as $230.03.. Read more about Binance chain and let us know what you think.

TL;DR Summary

  • After retesting the $320 level, the Binance Coin price analysis is negative for today.
  • Since last week’s low of $280, the Binance price has risen by at least 14%.
  • Binance Coin is now trading at $322 versus the US dollar at the time of writing. 

Price Analysis of Binance Coin: A General Overview

Binance After falling from $324 at yesterday’s closing, the currency retested the $320 support level overnight, indicating a negative outlook for today. In the past 24 hours, the currency has lost at least 0.50 percent of its value, with technicals pointing to a downswing in the next session. 

In the last 24 hours, the overall virtual currency market retraced, resulting in bearish price actions for the majority of the coins. Bitcoin was down 1.56 percent, Doge was down 1.20 percent, and XRP was down 3.5 percent. On the daily chart, Ethereum made a significant bullish improvement after retracing 1.34 percent above yesterday’s price. 

In the last 24 hours, the price of Binance Coin has risen: Binance Coin has retraced to $320 as a support level.

After exhibiting significant volatility over the past 24 hours, the BNB/USD price analysis fluctuated between $320 and $325. With a total daily volume of $1.2 billion, trade volume fell 10.11 percent. Despite this, the overall market capitalization increased by 0.54 percent to 54 billion dollars. 

BNB/USD 4-hour chart: BNB is likely to fall.

Binance Coin is retesting $322 on the 4-hour BNB price analysis chart as it prepares for short-term gains in the coming hours. A big push against the $323 barrier and over the $325 daily high is also expected.  

Since last week’s low of $280, the Binance price has risen by at least 14%. At $308, resistance turned support, solidifying the coin’s bullish structure and preventing any further declines below $310. BNB/USD broke over a price barrier of $323 on Monday, moving into the $340 range. As a result, the $280 – $300 negative structure that has held the market movement captive for days may be coming to an end. 

On the 4-hour chart, resistance around $323 is acting as a major roadblock for BNB to reach the next milestone. The coin has a possibility of breaking below $320 unless the barrier is breached. Solid buyer action, on the other hand, could consolidate a few points higher, between $324 and $328. 

Binance Coin is now trading at $322 versus the US dollar at the time of writing. 

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Binance Coin Price Analysis” />TradingView is the source of this information.

Conclusion of the Binance Coin Price Analysis 

For the next 24 hours, Binance Coin price analysis is negative, as most buyers are waiting for a drop towards the $310 area before opening positions. Investors are likely to maintain their holdings over the weekend or wait for a breakeven point around $329. Learn more about the Binance Coin and how to trade on the Binance exchange in our in-depth tutorial. 

Disclaimer: The material on this website is not intended to be trading advice, assumes no responsibility for any investments made as a result of the information on this page. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.

Following a series of preliminary bearish moves on BNB, the last trading day was spent with the price collapsing and the currency quickly finding support around the $320 level.. Read more about shopify cryptocurrency and let us know what you think.

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