Binance Coin Price Analysis: BNB retests $485, ready to correct higher

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TL;DR Breakdown

  • Binance Coin price analysis is positive  today.
  • BNB/USD rose back to the $485 support.
  • Next target at $500.

The Binance Coin price is up today, as the $470 support has been re-tested, and bullish momentum has returned over the past hours. As a result, we anticipate that BNB/USD will continue to rise through the next 24 hours.

Binance Coin price movement in the last 24 hours: Binance Coin retraces to find support at $485

The price of Binance Coin was relatively stable over the last 24 hours, fluctuating between $468.20 and $484.87. The trading volume has risen by 22.22 percent, with a value of $1.37 billion exchanged, while the market capitalization is around $80.8 billion and places

BNB/USD 4-hour chart: BNB ready to reach above $500?

We can observe bullish pressure returning on the 4-hour chart for the Binance Coin price action, which may lead to a return to or near the $500 previous high in the next 24 hours.Binance Coin Price Analysis: BNB retests $485, ready to correct higher 1BNB/USD 4-hour chart. Source: TradingView

Over the previous weeks, Binance Coin’s price performance has been very strong. A retracement from $450 to $395 established a clear higher low following an early surge to $450 on October 1st.

On January 30, the price action could be seen as moving into an ascending trend, with Binance Coin/US Dollar (BNB/USD) establishing support at $300. The pair continued higher to $485 over the following days before turning downward again on February 6. Since then, BNB has retraced back to $470.

A minor decline on Tuesday brought the Binance Coin price back to $470, with further declines rejected. The BNB/USD pair is now rising again, most likely resulting in more gains over the next 24 hours.

Binance Coin Price Analysis: Conclusion 

Binance Coin’s price is being pushed higher today as the $480 support prevented more losses yesterday, leading to further gains today. As a result, we anticipate BNB/USD to continue rising, with a possible target of $500.

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.
Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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