- Binance Coin price analysis is bearish today.
- BNB/USD still holds above $460.
- Lower high set overnight.
Today’s Binance Coin price analysis is bearish, as the previous high was broken yesterday after failing to establish additional highs over the weekend. As a result, we anticipate further depreciation in BNB/USD for the next 24 hours.
Binance Coin price movement in the last 24 hours: Binance Coin sets lower high after a retest of $460 support
The price of BNB has been consolidating in the $460s since yesterday, driven by recent regulatory news. Over the past 24 hours, the BNB/USD pair fluctuated between $455.41 and $475.33, suggesting a moderate degree of volatility. Trading volume has increased by 3.75 percent to $1.73 billion, while the overall market capitalization is around $78.85 trillion, putting it in 3rd place worldwide.
$468.95 is the next fundamental support level on our radar which is slightly below today’s open of approximately $470.14. Still, more importantly, it has been acting as strong support over the past few days, so we anticipate it will continue to do so until there is a deviation in market sentiment. A break below this point could suggest a potential for further depreciation to $458.03 – the open of yesterday’s session and a key support measurement.
On the other hand, we believe that any significant gains will likely only occur if and once prices break above $485.71 with high volumes. This is where we anticipate most resistance to lie following a brief period of consolidation around this area. If further depreciation occurs, we believe it will be short-lived before finding support in either these levels or around $450 as indicated earlier as these low prices cannot find any more comprehensive support.
For now, Binance Coin price analysis suggests further depreciation is on the cards for today, which will likely remain at least until there is a break above $485.71 with high trading volumes; otherwise, the market will continue to find support these levels or around $450.
BNB/USD 4-hour chart: BNB to break below $460?
On the 4-hour chart, we see bearish momentum beginning to build for Binance Coin price action, suggesting a drop below $460 support later today.
Binance Coin’s price has been rising in October, with strong bullish momentum. After making an early-October high of $450, a transparent higher peak was established.
Binance Coin has been rallying since mid-September when it hit a high of $395.50 before beginning to consolidate. On the 12th of October, Binance Coin fell back down to $395. From there, the price rose dramatically late last week, bringing Binance Coin to a new all-time high of $485.
Since then, a failure to renew higher has been observed on the 16th of October, followed by a sharp downturn. Binance Coin’s price action has since reverted above $460 and is now in the process of establishing a lower high. We can anticipate BNB/USD to fall even further within the next 24 hours from there.
Binance Coin Price Analysis: Conclusion
We anticipate further depreciation in BNB/USD for the next 24 hours as these low prices cannot find any support. For the time being, this level provides a strong resistance zone for the price action while the moving averages – 100 SMA and 200 SMA.
– have yet to catch up with the current movement. Moreover, if further depreciation does occur, we believe that it will be short-lived before finding support in either these levels or around $450.
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