- Binance Coin price analysis is bearish today.
- BNB/USD set higher low at $600.
- Previous high currently tested.
Binance Coin price analysis is bearish today as we expect another test of downside to follow after both a higher low and lower high have been set over the last 24 hours. Therefore, BNB/USD will likely move lower again to continue setting higher lows in an increasingly tighter consolidation.
The overall market saw some bullish momentum return over the last 24 hours. The market leaders, Bitcoin and Ethereum, are still down by 0.35 and 0.26 percent, respectively. Meanwhile, Hex (HEX) is still the top performer, with a gain of over 12 percent.
Binance Coin price movement in the last 24 hours: Binance Coin sets higher low at $600, moves to test previous highs
BNB/USD traded in a range of $604.16 – $630.36, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 4.07 percent and totals $1.99 billion, while the total market cap trades around $104.34 billion, ranking the coin in 3rd place overall.
BNB/USD 4-hour chart: BNB looks to move lower after another lower high set
On the 4-hour chart, we can see the Binance Coin price action moving back towards previous local highs, likely resulting in another push lower later today.
Binance Coin has seen a strong advance over the past weeks. After a brief spike lower to $440 on the 27th of October, a sharp reversal followed to $540.
From there, BNB/USD continued higher at the beginning of November until a new major high was set at $668 on the 7th of November. Bullish momentum diminished over the following days, leading to a retracement.
On the 10th of November, a strong spike lower took the Binance Coin price to $570 for a brief time. Reaction higher followed, with consolidation in an increasingly tighter range currently made as a base from which to reverse is slowly set, with the last higher low at $600.
Binance Coin Price Analysis: Conclusion
Binance Coin price analysis is bearish today as we expect another drop lower after a retest of previous highs. Likely we will see BNB/USD move towards the $600 mark again to set another higher low above it.