- Binance Coin price analysis is bearish today.
- BNB/USD set a lower high at $592.
- Previous high currently tested.
The Binance Coin price is bearish today as we expect another test of the downside to following after both a higher low and lower high have been established in the previous 24 hours. As a result, BNB/USD will most likely fall again to continue establishing higher lows in an increasingly tight consolidation.
Cryptocurrency heat map. Source: Coin360
According to the cryptocurrency heatmap by Coin360, the overall market is trading in the red zone. Bitcoin and Ethereum have lost 3.17% and 4.65% respectively. Ripple (XRP) and Binance Coin (BNB) are the worst losers of the day after dropping by more than 5%.
Binance Coin price movement in the last 24 hours: Binance Coin sets lower high at $592, moves to testing previous highs
The price of Binance Coin fell to $566 for the first time in a week. Trading volume also saw a strong increase of 106%, totalling $719 million. The daily trading range is between $566 and $592, suggesting moderate volatility.
BNB/USD 4-hour chart: BNB looks to move lower after another lower high set
On the 4-hour chart, we can see that the Binance Coin price is moving back toward previous local highs, which will almost certainly result in another decline later today.
Binance Coin has recently enjoyed a significant advance, with prices increasing by close to 50%. After plummeting briefly to $440 on the 27th of October, prices rebounded strongly to $540.
The price of BNB/USD pair peaked out at $668 on November 7th, just after the flippening. The price began to drop soon after, with bearish momentum taking hold.
On the 10th of November, Binance Coin’s price dropped by almost 20% to $570 for a period of time. The reaction increase followed, with consolidation in an increasingly narrower range now being formed as a foundation from which to reverse. With the final higher low at $600.
Although it is still possible that prices will drop further in the short term, we expect to see a bounce soon. This will bring us back up toward $650 and $670 before we can be certain about another move lower.
Binance Coin Price Analysis: Conclusion
Binance Coin prices are looking bearish today, as we anticipate a decline after a retest of prior highs. We may expect BNB/USD to move down to the $500 level once again in order to establish another higher low above it.