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Binance Coin Price Analysis: BNB peaks at $550, starts to retrace as bullish momentum is exhausted

Binance Coin Price analysis

TL;DR Breakdown

  • Binance Coin price analysis is bearish today.
  • BNB/USD set a higher high at $550 overnight.
  • BNB slowly moves back below the previous high.

Binance Coin price analysis is bearish today as a higher high was set at $550 after a strong rally yesterday. Currently, BNB/USD shows weakness, likely leading to a retracement over the next 24 hours.

Binance Coin Price Analysis: BNB peaks at $550, starts to retrace as bullish momentum is exhausted 1
Cryptocurrency heat map. Source: Coin360

The overall cryptocurrency market has seen mixed results over the last 24 hours. The market leader, Bitcoin, lost 0.79 percent, while Ethereum gained 0.43 percent. Meanwhile, Decentraland (MANA) is the top performer, with a gain of over 22 percent.

Binance Coin price movement in the last 24 hours: Binance Coin sets higher high at $550 after a strong rally

BNB/USD traded in a range of $529.92 – $552.07,  indicating substantial volatility over the last 24 hours. Trading volume has increased by 21 percent and totals $2.5 billion, while the total market cap trades around $90.3 billion, ranking the coin in 3rd place overall.

BNB/USD 4-hour chart: BNB to return below $540?

On the 4-hour chart, we can see Binance Coin price action showing signs of weakness as the $540 previous high currently gets tested as support.

Binance Coin Price Analysis: BNB peaks at $550, starts to retrace as bullish momentum is exhausted
BNB/USD 4-hour chart. Source: TradingView

Binance Coin price saw a strong advance over the past weeks. After a series of higher highs and lows, the $540 mark was reached last week.

From there, BNB/USD saw a slight retracement to $510. After some consolidation, another push higher was seen yesterday, leading BNB to $550 this time.

However, further upside was not seen as the Binance Coin price action reversed this morning, moving to test the $540 previous high as support. Likely we will see BNB/USD break lower and retrace even more before another attempt to move higher can be made.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bearish today as the market peaked at $550 yesterday after a strong rally. Therefore, bulls are exhausted, and we expect BNB/USD to retrace further later today.

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.

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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