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Binance Coin Price Analysis: BNB reaches $500, set for a retracement today?

Binance Coin Price Prediction

TL;DR Breakdown

  • Binance Coin price analysis is bearish for today.
  • BNB/USD spiked 15 percent yesterday.
  • Resistance was found at the $500 price mark.

Binance Coin price analysis is bearish for today as the market rallied more than 15 percent yesterday and set a new swing high at $500. However, since BNB/USD started to consolidate, we assume bulls are exhausted, and a retracement is expected later today.

Binance Coin Price Analysis: BNB reaches $500, set for a retracement today? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with mixed results over the last 24 hours. Bitcoin has lost 1 percent, while Etherem is up by 0.57 percent. Meanwhile, Solana (SOL) is among the best performers, with a gain of 6.4 percent.

Binance Coin price movement in the last 24 hours: Binance Coin advances to the $500 resistance 

BNB/USD traded in a range of $478.38 – $509.34, indicating substantial volatility over the last 24 hours. Trading volume has increased by 34.1 percent and totals $3.4 billion, while the total market capitalization trades around $83.5 billion, ranking the coin in 4th place overall.

BNB/USD 4-hour chart: BNB prepares for a retracement?

On the 4-hour chart, we can see the Binance Coin price action trading sideways overnight, indicating an upcoming retracement.

Binance Coin Price Analysis: BNB reached $500, set for a retracement today?
BNB/USD 4-hour chart. Source: TradingView

Binance Coin price action has traded with a strong bullish momentum over the last month. From the previous major swing low of around $255, BNB/USD has gained almost 100 percent to the current swing high of $500.

Since another 15 percent were gained yesterday. After another higher low was set on Sunday, BNB started to consolidate around the $500 mark, indicating that bulls are currently exhausted.

This price action development should lead the Binance Coin price towards another retracement later today. Target to retrace to is seen at the $460 previous minor swing high resistance. From there, BNB/USD should continue higher later this week.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bearish for today as the market set a new swing high at the $500 mark and started to consolidate overnight. Therefore, we expect BNB/USD to reverse later today and retrace some of the gains seen yesterday.

While waiting for Binance Coin to move further, read our articles on Bitcoin Futures, Decentralized Exchanges, as well as NFT Marketplace.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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