Binance Coin Price Analysis: BNB/USD to break above $480 later today

Binance coin price analysis

TL;DR Breakdown

  • Binance Coin price analysis is bullish today.
  • The price of BNB is gaining steam today.
  • BNB/USD is about to start a new bullish wave.

The Binance Coin price is in a strong position today, as the market advanced over the night after a retest of $460 as support. As a result, we anticipate that BNB/USD will establish another high within the next 24 hours.

BNB/USD is about to start a new bullish wave, which will most likely result in a resistance test placed at $480 once again. If Binance Coin fails to overcome this level, it will most likely retest the support at $460.

The price has encountered support at $460 after it reached the high of $475 yesterday. If the buyers manage to defend this level successfully, then we will likely see another leg up towards the highs of yesterday.

BNB/USD has been on a downswing for the past few days, but it appears to have found its stride and is now on an upward trend. After capping out at $465, Binance Coin has since dropped to a low of $445. However, buyers are soon starting to lock in gains again, which is why we see the price recover for another run.

Binance Coin price movement in the last 24 hours: Binance Coin returns below $480 previous swing high

As mentioned yesterday, BNB/USD will most likely attempt to test the resistance at $470 again. If it manages to hold above this level, it will be very positive for bulls as they will have reached near yesterday’s highs. On the other hand, if momentum slows down and prices decline below $470, it will hint that bears are returning once more, which is why we should watch out for any retests of support at $460 before considering long-term trades.

The trading volume has increased significantly over the past 24 hours, signaling hope for the buyers.

BNB/USD 4-hour chart: BNB to break $480 today?

Binance Coin Price Analysis: BNB/USD to break above $480 later today 1
BNB/USD 4-hour chart. Source: TradingView

Binance Coin’s price advance has been relatively robust thus far in October. On the 2nd of October, BNB/USD rose to a new high of $440 after a several-day rally from the prior significant swing low of $320.

The price moved sideways for a few days before resuming its advance on the seventh of October. A bearish continuation was established until the $450 mark, at which point it reversed to become somewhat higher highs and lows. BNB/USD subsequently had a hefty retracement of about 12% to the $391 level.

The price of Binance Coin continued to rise on Tuesday, eventually reaching $480, where it established a solid new high. After a brief retreat yesterday to $460, bullish momentum has continued over several hours, bringing BNB/USD back toward its previous highs.

Binance Coin Price Analysis: Conclusion 

The Binance Coin price analysis is bullish today, with a higher low set yesterday and overnight bullish momentum. As a result, we anticipate BNB/USD to break above $480 later today.

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.

Sergio Goschenko

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.

Related News

Hot Stories

How to Stake Kava: Is 110% APY on BUSD legit?
Avalanche price analysis: AVAX continues to move upwards with $35 target
How to Stake on Uniswap: A Quick Guide to Passive Income
Aave price analysis: AAVE increases value by 3.5% after strong bullish movement
Ethereum price analysis: ETH wobbles near $1,700 as bulls desperate to touch $1,800

Follow Us

Industry News

Elon Musk drags Twitter to court for fraud
Binance CEO Urges To Move Funds From WazirX To Binance
Bitcoin falls to $23K on U.S. jobs report
How are the top cryptocurrencies selected?
Voyager Digital set to refund users with a $270 million fund