- Binance Coin price analysis is bullish for today.
- The Binance Coin price is in a bullish trend today after it faced a harsh conclusion yesterday.
- BNB/USD is currently trading at $620.
The Binance Coin price is in a bullish trend today after it faced a harsh conclusion yesterday. The Bollinger bands widened in the first trading hours, meaning that the coin is experiencing high volatility. An intense bear pressure has taken the price to the $518.90 area and might continue its sell-off.
Binance Coin price movement in the last 24 hours: BNB/USD shows bullish signals
The Bollinger bands indicate that Binance Coin is in a period of high volatility. A bullish trend prevails but is overstretched, meaning that extending positions risks a considerable loss if the price continues to drop today. The RSI is descending, moving towards the 50 levels, another sign that bearish pressure prevails.
Binance Coin’s price managed to close with a rise of 0.99% against the US dollar at $564.81, but it has left its range trading zone after spiking up to $616. Bearish pressure took over and pushed the price down to $518.90 with a 24-hour trading volume of $115 million. The coin is not looking good for today as it ends at current levels after experiencing wild swings in the day.
BNB/USD 4-hour chart: BNB starts to reverse?
On the 4-hour chart, we can see a resumption of selling pressure as the Binance Coin price action has dropped below $600 after a significant climb.
Binance Coin’s price fluctuated in a tight range during the next few weeks before making a firm higher low in early November. After that, on October 28, we witnessed a bullish momentum return, resulting in an intense higher high at $540.
Binance Coin has again broken out of a falling channel, this time with increasingly more significant gains. On November 1, the price of Bitcoin Cash for Binance’s exchange hit $580 before pushing higher to around $620 on November 4.
Considering that the Bollinger bands are still wide open, but the volatility is skyrocketing, it is uncertain what will happen with the price. If we look at the RSI descending, it indicates that bears are in control of market momentum. In the upcoming hours, Binance Coin might drop below $600, but it will be a temporary swing as the price returns above this level in no time.
Ripple is currently trading at $0.69, and its dominance in terms of percentage has increased to 35%. On the other hand, Bitcoin Cash is also gaining some momentum as its price hit $621, up from yesterday’s low of $582.
The price of Binance Coin rose significantly last night, as the asset experienced a significant bullish push. This morning, BNB/USD advanced to $600 with considerable momentum, with this morning’s high of $616 set earlier. However, selling pressure has returned now, most likely resulting in a retracement over the next few days.
Binance Coin Price Analysis: Conclusion
Binance Coin price analysis reveals that the price was at a solid bullish momentum in yesterday’s trading, starting from a low of $585 and closing with a daily high of $610. Although this is not enough for us to consider it a critical swing, we cannot ignore that Binance Coin managed to advance much higher today.
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