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Binance Coin Price Analysis: BNB/USD is bullish for the next 24 hours

TL;DR Breakdown

  • Binance Coin price analysis is bullish today.
  • BNB/USD slowly moved higher overnight.
  • BNB/USD is currently trading at $479.

Binance Coin is currently in a strong uptrend, and the $470 support still holds. Later today, we anticipate BNB/USD to move back toward the $510 mark and complete the several-day retracement.

On the downside, we can expect Binance Coin to continue with a bullish momentum as long as the $470 support holds. Crucially, this is now beginning to act as a key horizontal support level. As such, we expect BNB/USD to consolidate at this level before continuing with the uptrend. We can see that NB/USD has been following an ascending channel since its breakout from the October 30th low at $375. The relative strength index (RSI) is also consolidating around 55 levels which shows that neither party is currently in control of the price action.

Binance Coin price movement in the last 24 hours: Binance Coin holds support above $470

Technical indicators are still bullish, but the RSI is reaching overbought levels.

In today’s Binance Coin price analysis, we can see that the $470 level has held as support and allowed for a smooth upward move. We anticipated yesterday that BNB/USD would complete its retracement and consolidate before continuing with an uptrend. This morning, we can see that Binance Coin has moved back toward the mid-point of this ascending channel at $510. We expect it to continue with a bullish momentum for another day or two before moving further upward.

Today’s close will be important as it may determine whether BNB/USD continues with an uptrend. If BNB/USD can maintain support at $470, we expect it to gain further upward momentum and reach the upper boundary of the ascending channel.

After breaking through the previous day’s resistances, Binance Coin is currently trading significantly above its critical barriers. The RSI has continued to build momentum and is now at overbought levels. This shows that BNB/USD may be entering the overbought territory and the bulls may soon pull back.

BNB/USD 4-hour chart: Bullish signals

On the 4-hour chart, we can see Binance Coin Price action consolidating as bulls likely prepare for another push higher.

BNB/USD 4-hour chart. Source: TradingView

A look at the 4-hour chart shows that BNB/USD has moved beyond our immediate resistance levels of $500 and $510, which were acting as short-term barriers on September 31st and October 1 st. We can see that although our support level of $470 has been broken, it is being recaptured by the upward momentum. Binance Coin price analysis shows a bullish breakout from the symmetrical triangle pattern yesterday and a decisive break of the $500 resistance level.

The MACD indicator has made a bullish cross and is now moving higher with the histogram increasing in value. The RSI, however, has reached overbought levels and shows that Binance Coin is becoming less and less likely to make another move up later today.

Binance Coin Price Analysis: Conclusion

A look at the chart shows that Binance Coin is trading comfortably above the ascending channel support at $470. Yesterday, the RSI was approaching overbought levels, which means that bears could step in to push BNB/USD back toward the breakout point at $375. If the main support level breaks, we can expect Binance Coin to continue with a slight bearish bias. However, if Binance Coin can hold onto the support level of $470, a move toward the upper boundary of the channel is still likely.

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 25, 2021 3:41 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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