- Binance Coin price analysis is bullish today.
- BNB/USD retraced and set a new higher low yesterday.
- Closest resistance at $510.
Binance Coin price analysis is bullish today as a higher low has been set around $470 after a retracement yesterday. Therefore, we expect BNB/USD to regain bullish momentum and push towards $510 today.
The overall market traded with mixed results over the last 24 hours. The market leaders, Bitcoin and Ethereum both traded in the red, with a loss of 3.66 and 1.24, respectively. Meanwhile, Terra (LUNA) and VeChain (VET) dominate the market, with a gain of around 7.5 percent.
Binance Coin price movement in the last 24 hours: Binance Coin retraces to $470
BNB/USD traded in a range of $467.42 – $497.73, indicating substantial volatility over the last 24 hours. Trading volume has increased by 32.81 percent and totals $3 billion, while the total market cap trades around $82 billion, ranking the coin in 3rd place overall.
BNB/USD 4-hour chart: BNB to set further highs today?
On the 4-hour chart, we can see Binance Coin price action pushing higher again today, likely leading to a new higher high by the end of the day.
Binance Coin has seen a strong performance in October. After a new major swing low was set at $320 at the end of September, a strong push higher began on 29th September, leading BNB/USD to $450 by the 7th of October.
From there, a several-day long retracement followed during the following week until another spike higher was seen on the 12th of October, this time peaking at $480. Another retracement that set a clear higher low followed, resulting in a further higher high set on Monday.
After a brief retest of $480 high as support, Binance Coin made the final push higher, peaking at $505. Yesterday a retracement took the market to $470, where a quick reversal was seen. Since then, BNB/USD has moved higher again, indicating we can expect further highs set today.
Binance Coin Price Analysis: Conclusion
Binance Coin price analysis is bullish as a higher low was established overnight, leading to another push higher today. Therefore, we expect BNB/USD to continue higher and test the $510 resistance later today.
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