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Binance Coin Price Analysis: Bulls eye $600 mark

TL;DR Breakdown

  • Binance Coin price analysis is bearish today.
  • BNB/USD is currently trading at $586.
  • Closest support at $540.

Binance Coin’s price analysis is bearish today, with further lows tester in the previous 24 hours. As a result, BNB/USD should continue to fall today, with the next support level set at $540.

The price of Binance Coin (BNB) has continued to decline in the past 24 hours, with further lower lows set. The value of BNB/USD plummeted even further after reaching $600 yesterday. Currently, BNB is priced at $519.95, representing a 3.20% decline in the last 24 hours and a -13.27% decline over the past week. BNB’s market cap is now $6,048,912,852, and its trading volume has reached $109,749,000 in the past 24 hours.

Yesterday afternoon, Binance Coin (BNB) fell through our predicted support level of $540, with the price reaching lower lows in the following hours. The value of BNB/USD was caught in a downward spiral, plunging to an intraday low of $545 before beginning an upward climb to its current price.

The coin experienced another bearish swing when tested for resistance around 650 levels, failing once again to reach higher values during bullish momentum. The value of BNB/USD is now firmly entrenched in the current range, with the nearest support level lying at $540.

The market’s indecisive behavior around mid-levels means that both upward and downward swings are equally likely in the coming hours. With this being said, it does appear as if Binance Coin (BNB) is manifesting a classic pattern of lower highs and lower lows on the daily charts, indicating that further declines should be expected. This will relieve some pressure from those who still hold positions on their entry points but may be discouraging for those who came into the market looking for higher targets.

BNB/USD 4-hour chart: BNB targets $540 next?

On the 4-hour chart, we saw a tiny retracement this morning as the Binance Coin price action appears to establish another lower high before falling further.

BNB/USD 4-hour chart. Source: TradingView

Despite the recent reports that Binance is seeking sovereign wealth fund investment, the price of BNB has continued to fall this week. After reaching a high of $604 over the weekend, the price plummeted to a strong lower swing low.

The bears have regained momentum recently, resulting in a slew of lower lows and highs established. We can see a small retracement today after reaching a high of $554 yesterday, with another lower high expected to form soon. From there, we expect the Binance Coin price to fall further as there are currently no indications of recovery.

Binance Coin Price Analysis: Conclusion

Both a lower low and high were established over the past 24 hours, suggesting that the Binance Coin price is bearish presently. As a result, later today, BNB/USD should fall even further, with support at $540 as the next barrier.

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.

This post was last modified on November 24, 2021 6:01 pm

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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