TL;DR Breakdown
Binance Coin price analysis is bullish today.
BNB/USD broke above $460 after slight retracement yesterday.
Closest resistance at $510.
The price of Binance Coin is presently bullish, as previous resistance at $460 was breached today, pushing BNB higher. As a result, we expect BNB/USD to rise further over the next 24 hours.
Binance Coin price movement in the last 24 hours: Binance Coin breaks $460, continue higher in the next 24 hours.
The price of Binance Coin is presently bullish, as a recovery in its price was seen after yesterday’s retracement, pushing the price back to higher prices. As a result, we expect BNB/USD to rise further over the next 24 hours. The market closed today at $470 for a gain of $9 in the last 24 hours.
A look at BNB/USD in the 4H chart shows that yesterday, the Binance Coin price dropped to a low of $450 and went into consolidation. Recovery was seen soon after, pushing the price higher and breaking above resistance at $460.
This week, however, the price broke above $460 and the 200 SMA (red). The break was supported by a rise in trading volume from yesterday’s low of $124 million to today’s high of $163 million. This has resulted in BNB/USD rising by close to 10% today, and we expect it to rise further over the next 24 hours.
The nearest resistance is seen at $510 (the price of Binance Coin on August 23), while support is found at $450. Over the day, we predict a break of this level will take place, pushing the price to $500.
BNB/USD 4-hour chart: BNB shows bullish movement
On the 4-hour chart, we can see bullish momentum still strong, indicating we will see further upside today.
BNB/USD 4-hour chart. Source: TradingView
Binance Coin’s price action has shown considerable bullish momentum over the last several weeks. On October 1, BNB/USD rose to a new high of $450.
Binance Coin (BNB) recovered Monday, establishing a higher low of $395 before spiking Tuesday again. The previous swing high was broken, allowing BNB to reach the next resistance at $460.
Binance Coin fell to test the $440 prior swing high barrier as support, with a little reaction following. Any additional selling yesterday was not apparent, so BNB/USD went back on a bullish trend over the previous 24 hours.
Binance Coin Price Analysis: Conclusion and
The market of Binance Coin today is showing promise of further gains in the next 24 hours despite poor sentiment across cryptocurrencies. Several new records for cryptocurrency prices have the nearest been set over the past few weeks, but now the market is slowing down, with trading volumes dropping dramatically. This is likely to affect Binance Coin prices soon have the as well.
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