Binance Coin (BNB) Price Analysis 01/24: How Long Will the Drop Last?

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Binance Coin (BNB) Price Analysis 01/24: How Long Will the Drop Last?

BNB price analysis for January 24 – The cryptocurrency market has been experiencing a downward trend for over a week now as the majority of the coins are trading in the red zone.

However, data from CoinMarketCap reveals that the global crypto market cap is up by 2.47% in the last 24 hours signifying a slight increase and price corrections among several tokens.

Meanwhile, the crypto community is experiencing mixed feelings as the crypto fear & greed index rests at 48 today according to data from Alternative.

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crypto fear and greed index

Source: Alternative

The price of the flagship cryptocurrency – Bitcoin, has significantly dropped compared to the beginning of the year. According to data from CoinMarketCap, BTC is currently trading at $40,000 compared to its yearly high of $47k. Furthermore, its price is up by 1.73% in the last 24 hours.

In addition, Ethereum, the second-largest cryptocurrency by market cap continues to trade below $2,300 slightly increasing by 1.13% over the last day.

With the current state of the market, traders are observing to see if other altcoins can stay bullish amid the mixed speculations.

Let us look at the price analysis for Binance coin (BNB).

BNB price analysis

Over the last 24 hours, the price of Binance coin (BNB) has dropped by 1.41% according to Coinstats data. Looking at the hourly chart, the price of the token has failed to stick above the $300 mark making it appear more bearish than bullish.

If this does not reverse by the end of the day, traders might see a further price slump to the $291.3 support soon.

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BNB price analysis

Source: TradingView

On the daily chart, a similar situation can be spotted. If the candle closes around $290, the accumulated energy may be sufficient for a further plunge to the $270-$280 range.

Binance Coin (BNB) Price Analysis 01/24: How Long Will the Drop Last?

Source: TradingView

From the midterm view, traders need to keep an eye on the $288.9 zone concerning the weekly bar closure. If the closure happens near or below the level, a further correction to $271.9 may likely happen.

BNB price today

According to data from Coinstats, the price of BNB today is $292. Binance coin (BNB) has a 24-hour trading volume of $1,395,458,583 ($1.3 billion) and a live market cap of $44,955,339,063 ($44.9 billion). The token maintains the #4 position on the global crypto market chart.

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Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.