- Binance Coin price analysis is bullish today.
- BNB/USD slowly moved higher overnight.
- Closest resistance at $510.
Binance Coin price analysis is bullish today as the $470 support still holds, likely leading to a reversal back to the upside later today. Therefore, we expect BNB/USD to move towards the $510 and end the several-day retracement.
The overall market traded with a slight bullish momentum over the last 24 hours, with Bitcoin gaining 1.3 percent. Meanwhile, Ethereum has gained 3.67 percent, while Shiba Inu (SHIB) is the top performer, with a gain of 40 percent.
Binance Coin price movement in the last 24 hours: Binance Coin holds support above $470
BNB/USD traded in a range of $473.11 – $486.80, indicating low volatility over the last 24 hours. Trading volume has declined by 25.12 percent and totals $1.159 billion, while the total market cap trades around $79.9 billion, ranking the coin in 3rd place overall.
BNB/USD 4-hour chart: BNB ready to move higher?
On the 4-hour chart, we can see Binance Coin Price action consolidating as bulls likely prepare for another push higher.
Binance Coin price action has seen a strong performance so far in October. After setting a new major swing low at $320, a sharp push higher followed on the 1st of October.
BNB/USD eventually peaked at $450, with the following retracement setting a higher low at $395. From there, the market continued higher on the 12th of October, moving to $480 this time.
After another brief retracement, the further upside was seen earlier this week, with a brief move above the $500 mark seen on Wednesday. Since then, Binance Coin price action has retraced to $470 and formed a consolidation as bulls prepare for the next push higher.
Binance Coin Price Analysis: Conclusion
Binance Coin price analysis is bullish today as a new higher high has been established above $470. Therefore, once the current consolidation ends, we expect BNB/USD to push above the $500 again.
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