Binance Coin price analysis: BNB spikes to $275, steady retracement overnight?

Binance Coin price analysis is bearish today as we have seen another strong push higher to the next major resistance at $275. Therefore, we expect bulls to be exhausted and selling pressure to return over the next 24 hours.

Binance Coin price analysis: BNB spikes to $275, steady retracement overnight? 1
Cryptocurrency heat map. Source: Coin360

The market has traded strongly in the green over the last 24 hours. The leader, Bitcoin, gained 6.77 percent, while Ethereum over 6.2 percent. The rest of the top altcoins saw even better results.

Binance Coin price movement in the last 24 hours: Binance Coin breaks consolidation to the upside

BNB/USD traded in a range of $255.43 to $274.01, indicating strong volatility over the last 244 hours. Trading volume has increased by 34.46 percent, totaling $1.934 billion, while the total market cap trades around $44.2 billion, ranking the coin in 5th place overall.

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

On the 4-hour chart, we can see the Binance Coin price action reaching the next resistance at $275, which should mean that another brief retracement is due to be seen over the next 24 hours.

Binance Coin price analysis: BNB spikes to $275, steady retracement overnight?
BNB/USD 4-hour chart. Source: TradingView

Binance Coin price has seen a strong higher swing low set during the middle of the last week. From there, a massive several-day rally followed at the end of the week, bringing BNB/USD to break the previous high and resistance at $245.

From there, BNB rallied further, rallying as high as the $265 resistance. Slight consolidation followed yesterday, indicating that reversal could be in play as bulls are finally exhausted.

However, another spike higher followed today, leading Binance Coin price as high as the $275 resistance. Therefore, we expect another retrace to follow overnight. Likely BNB/USD will look to set another local higher low and continue higher from there later in the week.

Binance Coin price analysis: Conclusion 

Binance Coin price analysis is bearish today as we have seen another push higher after a higher local low was set yesterday. Since the next resistance was reached quickly and no further upside has followed, we assume that bulls are exhausted again, and BNB/USD is about to retrace.

While waiting for Binance Coin to move further, see our articles on Siacoin wallet, Pi Wallet, and LTC Wallet Review.

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