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

Terra Price Analysis

TL;DR Breakdown

  • Binance Coin price analysis is bearish today.
  • BNB/USD is currently trading at $623.
  • Further upside is currently rejected.

The price of Binance Coin is bearish today, as we anticipate another retracement following a higher high. The most plausible BNB/USD is not yet prepared to rise further, and another retracement that establishes a higher low is required.

The Chaikin Money Flow indicator is in a weak buy mode, signaling that there is little demand for goods at the moment. The Relative Strength Index (RSI) has also turned bearish and is now showing oversold conditions.

The BNB/USD pair surged strongly today, reaching as high as $630. However, the momentum was not strong enough to break past the resistance, and it quickly reversed direction. The price is now back below $610, and it looks like there is a good chance for another retracement.

Binance Coin price is currently bullish, but it might not be ready to break the resistance just yet. A retracement that establishes a higher low is required before another attempt can be made. The Chaikin Money Flow indicator is in a weak buy mode, signaling that there is little demand for goods at the moment. The Relative Strength Index (RSI) has also turned bearish and is now showing oversold conditions.

The BNB/USD pair began trading in a tight range on October 12th. However, yesterday’s sharp surge opened up space for more gains towards the key resistance zone around $630 -$650 area before facing heavy selling pressure. This price action scenario is particularly valid if today’s bearish candle closes below the $610 -$620 support level. On the alternate case, if rejection holds ground, it likely results in another sharp drop below $580.

In short, Binance Coin looks bullish on the charts with a potential to break resistance. However, a higher low is required before another attempt can be made. The Chaikin Money Flow indicator is in a weak buy mode, signaling that there is little demand for goods at the moment. The Relative Strength Index (RSI) has also turned bearish and is now showing oversold conditions.

BNB/USD 4-hour chart: Rejects further upside at $635, 

On the 4-hour chart, we see that the Ripple price is attempting to reverse yet again after a strong rally earlier today.

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

Binance Coin has posted a significant recovery during the previous weeks after a substantial drop from the $660 previous peak resulted in a loss of approximately 20% to the $510 mark.

Binance Coin/US dollar (BNB/USD) shot up by more than 50% in a single day on October 19th, with BNB/USD rising from $500 to $600 in a matter of hours. After a week-long pause, Binance Coin rose until it almost returned to $660 on the 26th

Following the death of the bull, the Binance Coin price made several minor local highs and lows. This suggests that bullish momentum is growing for another attempt to break the all-time high resistance around $660-$670.

Binance Coin Price Analysis: Conclusion 

Binance Coin is currently in the middle of an uptrend, but another leg up is unlikely to materialize without a higher low. A break above $635-$640 would signal that the next major resistance is around $660-$670, and further upside targets are at $680 and $700.

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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