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Binance Coin price analysis: BNB aims to break major resistance at $500

TL;DR Breakdown

  • Binance Coin price analysis is bullish today.
  • BNB/USD saw a strong push higher today.
  • BNB/USD is trading at $437.

Following a sluggish slide overnight, the Binance Coin price is up today after a significant increase higher, suggesting that the market is bullish. As a result, we anticipate BNB/USD to continue rising and surpassing the $440 previous high next.

The price of Binance Coin/USD has been highly volatile in the last 24 hours, with Binance Coin prices ranging from $424.07 to $429.78, suggesting significant movement over the previous day and a half. Volume is up by 8%, with $1.579 billion worth of transactions occurring.

The Binance Coin price fell as low as $423.11 yesterday, but it rebounded during the last hours. BNB/USD is up by 5% today owing to this bullish momentum, and it has reached a high of $429.72 today.

The market has shown a growth pattern, with yet another price increase indicating that the bullish mentality will stick for some time. While Binance Coin didn’t encounter any significant resistance levels yesterday, it did surpass its previous high of $400 today. As a result, we cannot entirely rule out the possibility of further BNB appreciation.

A break-up of the immediate resistance at $385 will signal a continuation toward its next significant objective at $472 from a technical standpoint. Support is found at $430 and $440.

BNB/USD 4-hour chart: BNB targets $385 previous high next?

On the hourly chart, bulls are pushing the Binance Coin price higher rapidly, with $440 being seen as the next target. The next significant support levels are found at $430 and $419.

After a long period of stagnation, Binance Coin is back with the most recent price surge. The Binance Coin price has increased by 6%, with 4-hour volume increasing by 9%. As a consequence, we expect the bullish momentum to continue in the coming hours. However, BNB/USD is still not finding any significant resistance levels.

The price of Binance Coin saw a slight decrease over the last few hours, but it has since picked up once again. BNB/USD is now approaching its previous high at $500, with this likely triggering further price appreciation for the given period.

BNB/USD 4-hour chart. Source: TradingView

The price of Binance Coin has been on a downward trend for weeks, with the price significantly dropping to $385 on September 7th and then consolidating at $440 as a resistance line for a few days.

On Monday, September 26th, Binance Coin fell to a new low of $320 per token, with several lower lows having been set since then. Following that, BNB/USD moved higher before being reversed in recent days.

Binance Coin, on the other hand, rejected any more drop when its value fell to $330, resulting in a significant rise over the previous hours.

Binance Coin Price Analysis: Conclusion

Today’s Binance Coin price analysis is bullish, with a substantial rise in the price pushing BNB above prior resistance of $420. As a result, we anticipate that BNB/USD will continue to climb and break the $430 barrier in the near future.

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 October 6, 2021 4:12 am

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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