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Binance Coin Price Analysis: BNB breaks past the $500 mark

TL;DR Breakdown

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

Binance Coin’s price appears to be in a bull market today, as a higher high was established yesterday, followed by a drop to $480 resistance. As a result, BNB/USD has set a new lower low, indicating further rises later this week.

Cryptocurrency heat map. Source: Coin360

The overall cryptocurrency market is entirely green with all digital assets trading bullishly for the past 24-hours. Bitcoin crossed the $65,000 mark after a 1.54 percent rise where it set a new all-time high. Ethereum posted a record gain of 8.43 percent and broke above $4,178.

Binance Coin price movement in the last 24 hours: Binance Coin sets higher high at $505

The price of Binance coin has been stable recently, ranging from $494 to $504.14 in the last 24 hours, suggesting a modest amount of volatility over this period. Trading volume has dropped by 27 percent and stands at $1.6 billion, while the market capitalization is approximately $81 billion.

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

On the 4-hour chart, Binance Coin has established a new higher low at $494, implying that it may rise further over the next 24 hours.

BNB/USD 4-hour chart. Source: TradingView

Binance Coin’s price has been on a tear since the beginning of October. BNB/USD has risen over 55 percent from its previous low of $320 to its current high of $497.

This price action development was a result of the strong moves higher. The first began on the 1st of October, reaching $450, while the second on the 12th of October, reaching $480.

Over the past days, Binance Coin price action consolidated above $460 until a third push higher was seen on Monday. BNB/USD peaked at $497 this time, leading to a small retracement over the last 24 hours to retest the $480 previous high as support.

Binance Coin Price Analysis: Conclusion

Binance Coin price analysis is bullish today as a higher low has been established overnight at the $480 mark. Therefore, we expect BNB/USD to continue higher and target the $510 mark next.

While waiting for Binance coin to move further, read some of our guides on LTC wallets, Gero wallets, and  DeFi wallets.

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 21, 2021 5:25 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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