TL;DR Breakdown
- BNB resisted by $350.
- BNB is up more than 50 percent this week.
- Next target at $400.
Today’s Binance Coin price prediction bullish as the market retraced and rejected further downside at $330 overnight after setting a new all-time high at $355 yesterday. Therefore, we expect BNB/USD to continue higher over the weekend.
Cryptocurrency heat map. Source: Coin360
The cryptocurrency market continues higher over the past hours after strong retracements across the market were seen overnight. Right now, the best performance is seen for Polkadot (DOT, which is up by 19 percent, and HoloChain (HOT), which is up 50 percent. Meanwhile, Filecoin (FIL), which performed great this week, continues moving lower with a 13 percent loss.
BNB/USD opened at $338 today after a new all-time high was set at the $355 mark. The market did retrace overnight and rejected further downside at $330. Therefore, we should see BNB push higher over the next few days as the next major price target of $400 is set to be reached next week.
Binance Coin price movement in the last 24 hours
The BNB/USD price moved in a range of $329 – $355, indicating a good amount of volatility over the last 24 hours. Trading volume has seen a substantial decline and stands at $3.15 billion. The market cap has finally moved above $50 billion and stands at $53 billion as of now, ranking the cryptocurrency in 3rd place overall.
BNB/USD 4-hour chart – BNB sets new all-time high at $355, retraces overnight
On the 4-hour chart, we can see BNB retracing 9 percent overnight and rejecting further downside around the $330 mark. Right now, BNB/USD prepares for another push higher as the overall several-day bullish momentum continues.
BNB/USD 4-hour chart. Source: TradingView
Overall, Binance Coin has regained its bullish momentum after several weeks of consolidation during the end of February, beginning of March. After failing to move higher on the 11th of March, BNB/USD retraced lower and consolidated around $260-$275 for several days until another push lower last week resulted in a completion of an ABC retracement pattern, with a low set at $225.
From there, the current more than week-long bullish momentum started, resulting in an upside of more than 55 percent and a new all-time high at $355. Previously we saw BNB/USD retrace by 9 percent as soon as resistance around $300-$310 was reached. This pattern was repeated yesterday with the same quick move lower by 9 percent until support was found at the $325 mark.
Right now, the Binance coin bullish momentum slowly regains control as several bullish candles have been posted. BNB currently trades close to the $350 mark, indicating that we should see further highs later over the next few days.
Once BNB/USD moves above the current all-time high of $355, we expect the market to see a rapid move higher next week as seen before, with the next major price target set at $400 psychologically important round number mark.
Binance Coin Price Prediction: Conclusion
Binance Coin price prediction is bullish as the market continues to reach higher highs and has moved above the $350 mark yesterday. After some retracement overnight, the Binance Coin has stabilized and prepares for another move higher. Therefore, we expect Binance Coin to reach the next major price level of $400 next week.
While waiting for BNB/USD to continue higher, read our long-term Dogecoin price prediction as well as mining guide. Additionally, see our Ethereum long-term price prediction to learn more on whether BNB could overtake Ethereum as the 2nd largest cryptocurrency.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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Source: https://www.cryptopolitan.com/binance-coin-price-prediction-2021-04-03/
