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Binance Coin Price Analysis: BNB clears $650, targets the $690 all-time high next?

Binance Coin Price analysis

TL;DR Breakdown

  • Binance Coin price analysis is bullish today.
  • BNB/USD continued higher over the last 24 hours.
  • Support found at $600.

Binance Coin price analysis is bullish today as we saw a clear break above $650 earlier today after a strong rally over the last 24 hours. Therefore, we expect BNB/USD to continue higher, with the $690 all-time high as the next major target.

Binance Coin Price Analysis: BNB clears $650, targets the $690 all-time high next? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with bullish momentum over the last 24 hours. The market leaders, Bitcoin and Ethereum, gained 2.41 and 4.72 percent. Meanwhile, Binance Coin was the top performer from the major altcoins, with a gain of over 9 percent.

Binance Coin price movement in the last 24 hours: Binance Coin rallies to $670 after support found at $600

BNB/USD traded in a range of $596.76 – $669.35, indicating strong volatility over the last 24 hours. Trading volume has increased by 3.97 percent and totals $3.16 billion, while the total market cap trades around $110.9 billion, ranking the coin in 3rd place overall.

BNB/USD 4-hour chart: BNB targets $690 all-time high next?

On the 4-hour chart, we can see bulls still in control of the Binance Coin price action as the $650 mark was broken without much hesitation this morning.

Binance Coin Price Analysis: BNB clears $650, targets the $690 all-time high next?
BNB/USD 4-hour chart. Source: TradingView

Binance Coin price action saw strong bullish momentum continue this week. After a higher low was set around $440 last week after a retracement from a $505 swing high, the buying pressure resumed last weekend.

The $510 resistance was broken and retested as support by Monday, leading to the further upside with minor retracements along the way. On Friday, the $600 mark was already reached Friday, meaning a gain of over 30 percent in less than a week.

After consolidation above $600 early yesterday, buying pressure returned in the afternoon. Overnight, we saw the Binance Coin price action move to $650, with a breakout seen in the morning. Currently, BNB/USD has set a new several-month high at $670, with the $690 all-time high potentially breached later today.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bullish today as we saw the $650 mark broken this morning, leading to the current high of $670. Likely BNB/USD will continue moving forward, with the next major target being the $690 all-time high set in May.

While waiting for Binance Coin to move further, read our guides on NFT tokens, Gemini Exchange Review, and Sunacrip.

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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