Binance Coin Price Analysis: BNB spikes above $600, swift reversal to follow?

TL;DR Breakdown

Binance Coin price analysis is bearish for today.
A strong spike took BNB/USD to $616.
Selling pressure returns.

Binance Coin price analysis is bearish today as we expect a retracement to follow after a strong move higher in the morning. Therefore, we expect BNB/USD to return below $600 and look to set a higher low next.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market mainly traded in the red over the last 24 hours. The market leaders, Bitcoin and Ethereum, lost 0.68 and 1.02 percent. Meanwhile, Binance Coin (BNB) is among the top performers, with a gain of around 8 percent.

Binance Coin price movement in the last 24 hours: Binance Coin rallies above $600 after support found at $540 yesterday

BNB/USD traded in a range of $544.88 – $615.58, indicating strong volatility over the last 24 hours. Trading volume has increased by 29 percent and totals $3.25 billion, while the total market cap trades around $100 billion, ranking the coin in 3rd place overall.

BNB/USD 4-hour chart: BNB starts to reverse?

On the 4-hour chart, we can see selling pressure returning as the Binance Coin price action has returned below the $600 mark after a substantial spike higher.

BNB/USD 4-hour chart. Source: TradingView

After consolidation and a spike lower at the end of October, Binance Coin price action established a strong higher low. From there, we saw bullish momentum return on the 28th of October, leading to a strong higher high set at $540.

BNB/USD pushed further on the 1st of November, reaching $570 this time. From there, BNB/USD retraced to retest the previous high as support, forming a several-day consolidation.

Binance Coin price action saw a strong bullish momentum return late yesterday. Overnight, BNB/USD moved to $600 with strong momentum, with the current high of $616 set this morning. However, currently, selling pressure has returned, likely leading to a retracement over the next days.

Binance Coin Price Analysis: Conclusion

Binance Coin price analysis is bearish today as a reversal should follow after a strong upsurge over the last 24 hours. Likely we will see BNB/USD move to test the previous high at $570 as support next.

While waiting for Binance Coin to move further, read our guides on NFT tokens, Gemini Exchange Review, and Sunacrip.

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