The second largest cryptocurrency by market capitalization, Binance Coin (BNB), has been making a bullish performance in the last 24 hours, getting to $320 in the process. BNB is also up by more than 40% in a month-and-a-half period, and the reason for the surge is clear: Binance has announced that it is planning on listing the coin on its trading platform.
One thing no one could have guessed: Binance Coin is about to drop. The leading cryptocurrency exchange has just announced that it will be delisting two coins that don’t meet the criteria of the latest listing standards. Binance Coin, which is traded under BNB and has a market cap of $1.8 billion, is definitely one of the top ten most valuable tokens. It is currently trading at a price of $320, which is a jump of $250 in the past 24 hours.
Summary of the situation
- The NBB went up last night.
- In the last few hours there was an upward move towards resistance at $320.
- The next target is $275.
Analysis of the Binance Coin price suggests a bearish sentiment for the coming days, as a clear lower high has been established with a quick bounce back towards $320 resistance. Therefore, we can expect the NBB/USD to fall further by the end of this week and reach the next support at $275.
Heat map for crypto-currencies. Source: Coin360
The general market has dipped into the red over the past 24 hours. Bitcoin fell 3.17% and Ethereum fell 3.81%. Dogecoin (DOGE) and polka dot (DOT) are among the worst performers with losses of around 6%.
Binance currency price movement in the last 24 hours: Binance currency exceeds $320
NBB/USD was trading in a range of $301.66 – $323.89, indicating moderate volatility. The volume of transactions increased by 24.97% to USD 2 billion. At the same time, the cryptocurrency has a total market capitalization of about $48 billion, putting it in fourth place overall.
Four-hourly chart of NBB/USD: NBB ready for a new wave of decline?
On the 4-hour chart, we see that the Binance Coin price is preparing for another decline, after a quick jump above $320, where a new rise was rejected.
4 hour chart NBB/USD. Source: TradingView
The overall trend in price action is still down after another strong downward push in June. However, a slightly higher low around $225 was reached after the start of the NBB/USD rally in June.
Several higher bottoms were reached and a clear upward support line was formed. The NBB/USD pair failed to make new highs on Monday and quickly dipped below the bullish trendline that serves as support, indicating a further decline over the course of the week.
The Binance coin dropped to $290 and has since fallen back a few percent. This led to a new low of around $320. Since the NBB/USD pair has quickly rejected further rises, we can expect a much bigger drop in the coming days. The next target is the previous support area of $275, and if reached from the current price would represent a decline of about 10-12 percent.
Binance currency price analysis: Supplement
Binance Coin’s price analysis is bearish for the coming days as the market prepares for another strong wave of decline. Today, the NBB/USD violently rejected a further rise, which should lead to the next support target around $275 in the coming days.
While you wait for the Binance COin to come down, read our guides on the benefits of DeFi, bitcoin commissions and what you can buy with bitcoins.
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