Binance Coin Price Analysis: BNB/USD is bullish for the next 24 hours

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.

The Binance Coin price analysis is bearish today, as we anticipate another retracement following today’s high. The probable continuation of the decline in BNB/USD is not yet ready to rise further, and additional falls that establish a higher low are required.

The upward correction in BNB/USD has been reversed from the resistance levels, and a decline is likely to continue. The chart below shows the trend of the past two days. It also identifies several key points on today’s price action.

The BNB/USD chart indicates that the price could not overcome higher than $630 in recent sessions, and a drop below $593 is inevitable. There were similar patterns in the past, and we can refer to them for more information on what happened next.

This downward move caused RSI to break through its downtrend line and lose momentum for further upside, while MACD was able to break through the positive line, but it has not attempted to rise further.

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 the further upside is rejected after a strong rally earlier today.

The chart below shows that BNB/USD did not successfully break the $630 resistance during last week’s session. Thus, we anticipate another significant fall in prices today. I expect another fall below $590 and an increase in volume on the way down, which will help establish a higher low on the market.

Binance Coin Price Analysis: BNB/USD is bullish for the next 24 hours 1
BNB/USD 4-hour chart. Source: TradingView

The price of Binance Coin has been on a steady rise recently, with a substantial decline from the $660 prior highs amounting to a loss of roughly 20% to the $510 level.

On the 19th of October, BNB/USD jumped up rapidly to $600. After a brief hesitation later in the week, BNB ascended until it almost reached $660 again on the 26th of October.

Since then, the Binance Coin price has experienced a sharp decline and established another higher low at $570. The Binance Coin price has since set further local higher lows and highs, suggesting that bullish momentum is building for another attempt to break the all-time high resistance around $660-$670.

Binance Coin Price Analysis: Conclusion 

Today’s Binance Coin price analysis is negative, as we expect another retracement that will establish a new low. As a result, BNB/USD has established another peak higher, and additional development is required before further rises are investigated.

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.

Sergio Goschenko

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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