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Binance Coin Price Analysis: BNB finds support at $470, ready to push higher again?

Binance Coin Price analysis

TL;DR Breakdown

  • 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.

Binance Coin Price Analysis: BNB finds support at $470, ready to push higher again? 1
Cryptocurrency heat map. Source: Coin360

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 Price Analysis: BNB finds support at $470, ready to push higher again?
BNB/USD 4-hour chart. Source: TradingView

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.

While waiting for BNB to move further, read 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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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