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Binance Coin Price Analysis: BNB sets higher high at $626, another swift retracement to follow?

Binance Coin Price analysis

TL;DR Breakdown

  • Binance Coin price analysis is bearish today.
  • BNB/USD saw a strong upsurge towards $630 resistance today.
  • Further upside is currently rejected.

Binance Coin price analysis is bearish today as we expect another retracement to follow after a higher high set today. Likely BNB/USD is not yet ready to reach further upside and another retracement that sets a higher low is needed.

Binance Coin Price Analysis: BNB sets higher high at $626, another swift retracement to follow? 1
Cryptocurrency heat map. Source: Coin360

The market has seen bullish momentum return overall. Bitcoin gained 4.81 percent, while Ethereum 5.78 percent. Meanwhile, Binance Coin (BNB) follows with a gain of 3.71 percent.

Binance Coin price movement in the last 24 hours: Binance Coin sets higher high after strong bullish momentum overnight

BNB/USD traded in a range of $574.98 – $624.65, indicating substantial volatility over the last 24 hours. Trading volume has declined by just 1.3 percent, totaling $2.57 billion, while the total market cap trades around $102.67 billion, ranking the coin in 3rd place.

BNB/USD 4-hour chart: Rejects further upside at $626, 

On the 4-hour chart, we can see the Ripple price action currently looking to reverse again as further upside is rejected after a strong rally earlier today.

Binance Coin Price Analysis: BNB sets higher high at $626, another retracement to follow?
BNB/USD 4-hour chart. Source: TradingView

Binance Coin price has seen a strong recovery over the past weeks after a strong drop from the $660 previous highs resulted in a loss of over 20 percent to the $510 mark.

From there, BNB/USD quickly reacted higher on the 19th of October, reaching the $600 mark. After a slight pause later in the week, BNB continued higher until the $660 mark was almost reached again by the 26th of October.

Since then, we have seen a strong spike lower set another higher low at $570. The Binance Coin price has since set further local higher low and high, indicating bullish momentum slowly preparing for another attempt to break the all-time high resistance around $660-$670.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bearish for today as we expect another retracement that sets a higher low to follow over the next 24 hours. Therefore, BNB/USD has set another higher high, with more preparation needed before further upside can be tested.

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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