- Binance Coin price analysis is bearish today.
- BNB/USD set higher low at $592
- Previous high currently tested.
Binance Coin price analysis is bearish today, with another test of the downside expected after both a higher low and lower high were established in the previous 24 hours. As a result, BNB/USD will most likely decline again to continue establishing higher lows in an increasingly close consolidation.
Cryptocurrency heat map. Source: Coin360
The overall market saw some bullish momentum return over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 4.38% and 5.35%, respectively. Meanwhile, Hex (HEX) is still the top performer, with a gain of over 12 per cent.
Binance Coin price movement in the last 24 hours: Binance Coin sets higher low at $592, moves to testing previous highs
The price of BNB/USD has been trading in a range of $579.16 to $592.36 over the last 24 hours, suggesting moderate volatility during that time period. Trading volume has decreased by 4%, and there is now $1.99 billion worth of transactions, with an overall market cap of around $104 billion.
BNB/USD 4-hour chart: BNB looks to move lower after another lower high set
Binance Coin (BNB) has enjoyed a significant price advance over the last few weeks. On October 27th, after a brief drop to $440, there was a strong reversal that brought the price up to $540.
From there, BNB/USD gained ground throughout November and early December, reaching a new high of $668 on the 7th of November. The following days saw a decline in bullish momentum, resulting in a retracement.
On November 10, a major drop happened, bringing the Binance Coin price to $570 for a few minutes. Following this, there was an upswing, with consolidation in an ever tighter range remaining as a foundation for reversal. The last higher low occurred at $600.)
Binance Coin Price Analysis: Conclusion
The Binance Coin price analysis is bearish today, as we anticipate another depreciation after a retest of prior highs. We expect BNB/USD to head back towards $600 in order to establish another higher low above it.