Binance News

Binance Coin Price Analysis: BNB continues to hold above $470, more upside to slowly follow?

TL;DR Breakdown

  • 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.

Cryptocurrency heat map. Source: Coin360

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.

BNB/USD 4-hour chart. Source: TradingView

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.

While waiting for Binance Coin 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.

This post was last modified on October 24, 2021 11:38 am

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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