Binance Coin Price Analysis: BNB/USD is bullish for the next 24 hours

Terra Price Analysis

TL;DR Breakdown

  • Binance Coin price analysis is bullish today.
  • BNB/USD continued higher over the last 24 hours.
  • BNB/USD is currently trading at $635.

Binance Coin is in a fantastic situation today, with a powerful rise above $650 earlier today after a strong rally over the previous 24 hours. As a result, we expect BNB/USD to continue rising, reaching the $690 all-time high as the next significant objective.

The MACD for BNB/USD is slightly bullish, but the signal line just barely missed crossing above the neutral centerline on the hourly chart to become perfectly bullish.

Support and Resistance – The nearest support for BNB/USD is found at $640 and followed by $615.20. The nearest resistance above today’s high is located at $650, followed by an important resistance formed by today’s high at $690. We expect that to be the next resistance level for BNB/USD.

The recent bullish rally was supported by the 100-hourly SMA, which appears to be currently acting as a major barrier for BNB/USD in order to prevent any further gains. As a result, we are expecting prices to consolidate in the short term. A pullback to the broken resistance at $620 would be ideal in order to allow for entry points before further gains are expected.

The trading volume has been relatively low over the last 24 hours, which means that there is limited liquidity in this market, thus volatility will remain very high in the coming days.

Binance Coin is currently ranked as the 17th largest cryptocurrency by market capitalization. It has a total market cap of $1,251,178,540 and its 24-hour trading volume is sitting at $138,618,670 (according to CoinMarketCap).

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

The Binance Coin price is presently valued at $638, up 3.46 percent on the day following Thursday’s 8.9 percent rise. Bulls are in command of price action on the 4-hour chart as the $645 resistance was broken this morning, breaching with little resistance.

Binance Coin Price Analysis: BNB/USD is bullish for the next 24 hours 1
BNB/USD 4-hour chart. Source: TradingView

This week, Binance Coin’s price continued to demonstrate strong bullish momentum. After setting a higher low the previous week around $440 as a result of a retracement from a $505 swing high, buying pressure resumed last weekend.

The $510 level was broken and retested as support on Monday, triggering a rapid rise with few corrections along the way. On Friday, the $600 mark was exceeded for the first time this week, signaling a 30% return in less than a week.

The buying pressure gradually returned in the afternoon, following consolidation above $600 early yesterday. The Binance Coin price moved to $650 overnight, with a breakout occurring in the morning. Currently, BNB/USD is trading at a new multi-month high of $670, with the previous all-time high potentially breaking later today.

Binance Coin Price Analysis: Conclusion 

The Binance Coin price is being maintained by a sound technical architecture. We saw the $645 barrier broken this morning, resulting in the current high of $649. With the next key goal being to reach the $690 all-time high set in May, it appears that BNB/USD will continue to rise.

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.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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