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Binance Coin Price Analysis: BNB peaks at $570, what direction to take next?

Binance Coin

TL;DR Breakdown

  • Binance Coin price analysis is bearish today.
  • BNB/USD set a higher high at $572 overnight.
  • BNB slowly comes closer to $600

The Binance Coin price is bullish today, as a higher low was established overnight at $572 following a strong rally. Currently, BNB/USD is rising in value, suggesting that there will be a gradual consolidation over the next 24 hours.

Binance coin price

Source: Coin360

Meanwhile, the overall cryptocurrency market is trading bearishly with most coins recording losses of up to 5%. Binance Coin, Solana and Vechain are among the only few gainers on the one-day chart. Market leaders Bitcoin and Ethereum lost 0.72 and 0.34 percent respectively.

Binance Coin price movement in the last 24 hours: Binance Coin sets higher high at $572 after a strong rally

Over the last 24 hours, the price of Binance Coin has varied between $553.92 and $574.07, demonstrating a high degree of volatility in that time period. Trading volumes have increased by 21% to $2.5 billion, while the market capitalization is worth around $90.3 billion, placing it in third position overall.

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

On the 4-hour chart, we can see that Binance Coin price action is strengthening around the $574 level as the bulls aim to test new support.Binance Coin Price Analysis: BNB peaks at $570, what direction to take next? 1

BNB/USD 4-hour chart. Source: TradingView

Binance Coin price has increased significantly over the previous weeks. Last week, after a sequence of increasing highs and lows, the $540 mark was reached for the first time.

Around last week, Binance’s price rocketed by nearly 60 percent, which was a new all-time high. It then fell back around $500 before rebounding slightly today.

However, as the Binance Coin price action reversed this morning and moved to test the $540 previous high as support, the further upside was not seen. We’ll most likely see BNB/USD break lower and retrace even more before another attempt to rise can be made.

Binance Coin Price Analysis: Conclusion 

Binance Coin price is bullish today, as the market reached a high of $574 today following a strong surge. As a result, bears have become weary and we anticipate BNB/USD to rise 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.
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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