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Binance Coin Price Analysis: BNB/USD to climb to $510 next

TL;DR Breakdown

  • Binance Coin price analysis is bullish today.
  • BNB/USD retested $490 previous resistance as support.
  • Next resistance at $510.

Binance Coin is in a bull market today, with a higher high yesterday and a fall to $460 support. As a result, BNB/USD has established another lower low, suggesting more rises later this week.

Yesterday’s close created a bearish flag pattern for BNB/USD, which was broken today when the price rose to around $480. We can see that this breakout happened simultaneously as yesterday’s high in volume, showing that demand is increasing significantly against little supply. This surge means that there will be more corrections in days or weeks to come. 

Binance Coin price movement in the last 24 hours: Flag breakout

The Binance Coin bull market continues! After consolidating in a tight range between $469and $480, Binance Coin (BNB) took off to the upside with a 25% gain over the past three days. This move follows nearly two weeks of consolidation, providing technical insight into where the price may be headed next. 

The BNB bull market will likely continue for several days as this period of consolidation resolves itself. However, bulls must tread carefully as any false breakout would likely result in a bearish continuation pattern. That said, we are seeing positive signs suggesting that any bearish continuation would be short-lived and followed by another strong wave higher on BNB/USD.

BNB/USD 4-hour chart: to continue higher after testing $490 as support?

Binance Coin has established a new higher low on the 4-hour chart, suggesting that it might continue to rise over the next 24 hours.

BNB/USD 4-hour chart. Source: TradingView

Since the start of October, Binance Coin’s value has been on a tear. The price of BNB/USD has increased by more than 55 percent from its lowest level of $320 to its present peak of $500.

The price movement that occurred as a result of these gains was significant. The first began on October 1, when the price climbed to $450, and the second on October 12, when it hit $480.

Over the last few days, Binance Coin price action has stabilized around $460, and a third push higher was observed on Monday. This time, the BNB/USD pair reached an all-time high of $497, resulting in a brief retracement over the past 24 hours to test the $480 previous high as support.

Binance Coin Price Analysis: Conclusion

The Binance Coin price analysis is bullish today, as a higher low has been established overnight at the $480 level. As a result, we expect BNB/USD to climb further and target the $510 mark soon.

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 22, 2021 3:40 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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