Binance Coin Price Analysis: BNB reaches $649 and corrects lower to $630?

Algo USD price analysis

TL;DR Breakdown

  • Binance Coin price analysis is bullish today.
  • BNB/USD continued higher over the last 24 hours.
  • The support was found at $620.

Binance Coin is in an excellent position today, with a sharp break above $650 earlier today after a strong rally over the previous 24 hours. As a result, we anticipate BNB/USD to continue rising, with the $690 all-time high as the next significant goal.

Binance Coin Price Analysis: BNB reaches $649 and corrects lower to $630? 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 4.89 and 3.89 percent. Meanwhile, XRPwas 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 $649 after defending $620 support

Over the last 24 hours, BNB/USD has ranged from $631.76 to $649.35, displaying moderate volatility over this period of time. Trading volume has risen by 3.97 percent and stands at $3.16 billion, placing the coin in third place overall with a market capitalization of about $110 billion.

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

The Binance Coin price is currently trading at $638, up 3.46% on the day, following Thursday’s 8.9% improvement. We can observe bulls in command of price action on the 4-hour chart as the $645 barrier was broken with little resistance this morning.

Binance coin price analysis
BNB/USD 4-hour chart. Source: TradingView

The price of Binance Coin continued to show strong bullish momentum this week. Last weekend, buying pressure resumed after a higher low was set around $440 the previous week following a retracement from a $505 swing high.

On Monday, the $510 resistance was broken and retested as support, resulting in a rapid ascent with little corrections along the way. On Friday, the $600 mark was surpassed for the first time this week, implying a return of nearly 30 percent in less than a week.

Buying pressure returned in the afternoon, after consolidation above $600 early yesterday. We saw the Binance Coin price action move to $650 overnight, with a breakout observed in the morning. Currently, BNB/USD has hit a new several-month high of $670, with the $690 all-time high potentially breaking later today.

Binance Coin Price Analysis: Conclusion 

The Binance Coin price is being supported by a solid technical foundation. We saw the $645 mark broken this morning, resulting in the current high of $649. With the next major objective being the $690 all-time high set in May, BNB/USD appears to be on track for further gains.

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

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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