- Binance Coin price analysis is bullish today.
- BNB/USD spiked towards previous lows overnight.
- Higher low set above $570.
Binance Coin price analysis is bullish today as we expect further recovery after a quick spike towards the previous low, resulting in another higher low set. Therefore, BNB/USD should test upside later today again, likely moving past the $620 local high.
The cryptocurrency market has seen mixed results over the last 24 hours. The market leader, Bitcoin, trades with a slight gain of 0.03 percent, while Ethereum is down by just 0.27 percent. Meanwhile, Binance Coin (BNB) is in the green, with a gain of 0.35 percent.
Binance Coin price movement in the last 24 hours: Binance Coin peaks at $620, quickly drops to set another higher low
BNB/USD traded in a range of $575.83 – $621.39, indicating strong volatility over the last 24 hours. Trading volume has declined by 7.13 percent, totaling $2.63 billion, while the total market cap trades around $99.7 billion, ranking the coin in 3rd place overall.
BNB/USD 4-hour chart: BNB starts morning strong
On the 4-hour chart, we can see bullish momentum returning, pushing the Binance Coin price back towards the $600 mark.
Binance Coin saw bullish momentum slowly return over the past 10 days. After previously dropping over 20 percent as bulls could not set further all-time highs, support was found at $510 on the 18th of November.
From there, BNB/USD saw a recovery to $600 by the end of last week. After a slight pause at the beginning of this week, further push higher followed on Thursday, leading BNB back to the $660 major resistance.
The resistance reversed Binance Coin price action again, leading to another higher low set around $570 on Friday. Since then, we have seen an initial recovery to $620 not last for long, leading to another test of downside overnight. However, since another high low was set, we expect BNB/USD to continue pushing higher later today.
Binance Coin Price Analysis: Conclusion
Binance Coin price analysis is bullish today as we saw another higher low set above $570 after a quick drop lower overnight. Therefore, BNB/USD is ready to test upside again, likely leading above the $620 current local high later today.