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Binance Coin Price Analysis: BNB drops 7 percent, higher low swiftly set at $572

Binance Coin Price analysis

TL;DR Breakdown

  • 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.

Binance Coin Price Analysis: BNB drops 7 percent, higher low swiftly set at $572 1
Cryptocurrency heat map. Source: Coin360

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 Price Analysis: BNB drops 7 percent, higher low set
BNB/USD 4-hour chart. Source: TradingView

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. 

While waiting for Binance Coin to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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