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Binance Coin Price Analysis: BNB/USD bounces back to $490 support level, what next?

TL;DR Breakdown

  • Binance Coin has resumed bullish momentum on the 24-hour chart
  • The bulls are aiming to accommodate more buyers at the tip of the triangle ($505)
  • BNB/USD has gained more than 120 percent from the July 20 swing low

Binance Coin has resumed bullish momentum on the 24-hour chart after trading within a high daily range with rejection at $504.  This uptrend begins from the August 29 swing low that saw the exchange token drop to $460 and gradually bounce back to the $480 support leel. In this Binance Coin price analysis, traders are urged to expect an upswing over the next 24 hours.

Meanwhile, there is evidence of short-sellers on the 9-hourly chart whose presence could be attributed to a bearish signal line cross-over on TD’s True Strength Indicator. Buyers are waiting for the price to bounce from the recent downtrend and break above $517 so as to steer a strong rally in the upcoming sessions.

Binance Coin price movement in the last 24 hours: Ascending triangle

As of this writing, Binance Coin is attempting to drag further an ascending triangle that begun on 31st August at $448. The bulls aim to accommodate more buyers at the tip of the triangle ($505), which the price has currently turned from by a few points on the 24-hour chart.

Binance Coin 24-hour chart by TradingView

Binance Coin has been struggling with resistance at the $490 leel, which has for the past days prevented the bulls from testing $600. A significant disadvantage being the present choppiness of the Binance Coin market structure. However, swing traders are taking advantage of these price changes to rake lots of profits.

BNB/USD 4-hour chart: BNB prepares for another rally?

On the 4-hour BNB/USD price analysis chart, Binance Coin is attempting to beat rejection at $491. The potential weakness lies imminent if the price trend drops to the present demand barrier at $449. However, this is unlikely to happen with the bulls focused on building a 27 percent continuation towards the $520 as the buyers prepare for weekend profits.

In the past month, BNB/USD has gained more than 120 percent from the July 20 swing low at $255. The coin was able to break out of a strong supply zone between $380 – $420 and attain bullish momentum to overturn July’s bearish structure.

A downtrend occurred on August 29, where the bulls turned from the $490 leel and corrected towards the $460 support. A while later, on the 2-day chart, the bears became exhausted, resulting in a bullish market in the 24-hour chart, where BNB is targeting an upper target at $540. 

Binance Coin Price Analysis: Conclusion

The technicals are already performing well for the BNB/USD pair, thereby suggesting positive signals on our daily Binance Coin price analysis. The bulls are expecting to drive the price upwards in the next 24 hours and set higher lows. Some of our long-term price forecasts will help you define the general trend of digital currencies between 2021 – 2024. 

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.

This post was last modified on September 17, 2021 9:25 am

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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