Binance News

Binance Coin Price Analysis: BNB spikes to $570, but faces rejection around the same level

TL;DR Breakdown

  • Binance Coin price analysis is bullish today.
  • BNB/USD dropped over 20 since yesterday.
  • Support was found at $570.

Binance Coin’s price is rising today, as we expect a quick rebound to follow once the price has further fallen after being violently rejected when it hit $490 this morning. As a result, BNB/USD has established a new swing low and is poised to recover some of its losses in the next 24 hours.

Cryptocurrency heat map. Source: Coin360

The crypto market overall saw strong selling pressure over the last 24 hours. The market leader, Bitcoin, declined by 1.54 percent, while Ethereum 1.14 percent. Meanwhile, the rest of the top altcoins follow with even bigger losses.

Binance Coin price movement in the last 24 hours: Binance Coin fails to cross the $570 level

The price of Bitcoin was relatively stable, ranging from $571.48 to $576.32 during the last 24 hours. The trading volume has risen by 112.5 percent, reaching a total of $4.26 billion in trade, while the market capitalization is about $87.8 billion at present, placing it in third place.

BNB/USD 4-hour chart: BNB rejects downside at $490

The Binance Coin price movement on the 4-hour chart shows a rejection of further downward momentum in recent hours, perhaps as a new swing low is established.

BNB/USD 4-hour chart. Source: TradingView

After a new major swing low was established on the 18th of November, Binance Coin price action has seen bullish momentum over the last several weeks. After a quick reaction higher, BNB/USD retested the all-time high around $660 on November 26th.

The price of Binance Coin rose to a new all-time high in preparation for the coin’s ultimate breakout. It eventually surpassed the previous all-time high at $847 and continued to climb during December before finally breaking above it on January 11.

Following the price pullback to $480, which was its previous low, a lower high was formed on Thursday before a quick spike brought the market down to $570 yesterday. The current low of $490 set in the morning occurred after some resistance was overcome during the early hours of Saturday.

Binance Coin Price Analysis: Conclusion

Today, Binance Coin’s price is rising as we anticipate the current rejection for downside to lead to a powerful revival later today. As a resistance, likely BNB/USD will attempt to test previous support around $570.

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.

This post was last modified on December 8, 2021 5:31 am

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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