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Binance Coin Price Analysis: BNB bounces from $460 support, ready for further highs today?

Binance Coin Analysis

TL;DR Breakdown

  • Binance Coin price analysis is bullish for today.
  • BNB/USD saw a sharp retracement yesterday.
  • The $460 previous resistance prevented further downside.

Binance Coin price analysis is bullish today as the market saw a strong rejection for further downside above the $460 resistance turned support. Therefore, we expect BNB/USD to continue higher today and reach further highs above the $500 mark.

Binance Coin Price Analysis: BNB bounces from $460 support, ready for further highs today? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the red over the last 24 hours despite bulls picking up momentum overnight. The market leader, Bitcoin, has lost 2.66 percent, while Ethereum is down by 4.25 percent. Binance Coin is among the best performers, with a slight loss of only 2 percent.

Binance Coin price movement in the last 24 hours: Binance Coin finds strong support at $460

BNB/USD traded in a range of $461.76 – $498.51, indicating substantial volatility over the last 24 hours. Trading volume has decreased by 9.78 percent and totals $3 billion. Meanwhile, the total market capitalization trades around $82 billion, ranking the coin in 4th place overall.

BNB/USD 4-hour chart: BNB ready to rally again?

On the 4-hour chart, we can see the Binance Coin price action rebounding from the $460 support overnight, with strong bullish momentum this morning.

Binance Coin Price Analysis: BNB bounces from $460 support, ready for further highs today?
BNB/USD 4-hour chart. Source: TradingView

Binance Coin price action has seen a strong increase over the past month. After setting a new swing low of around $255 on the 20th of July, BNB/USD broke past the previous swing highs over the following weeks.

Eventually, BNB reached the $500 mark, meaning a total price increase of over 90 percent. A slight retracement followed yesterday from the $500 mark, with the previous local high of $460 acting as a support.

Since the Binance Coin rapidly moved away from the $460 support, we can assume that another higher low is set, and further upside is expected over the next 24 hours, with the next target at the $540 mark.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bullish as the market found strong support above $460 overnight and started to rally earlier today. Therefore, we expect BNB/USD to continue higher later today and reach the $540 resistance next.

While waiting for Binance Coin to move further, read our articles on Wrapped Bitcoin, 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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