- Binance Coin price analysis is bullish today.
- BNB/USD set another higher high overnight.
- Resistance at $540 currently prevents further upside.
Binance Coin price analysis is bullish today as we saw a strong rally over the last 24 hours, with a new higher high set at $540. Therefore, we expect BNB/USD to continue higher later today, likely after a slight retracement.
The market moved mostly in the green over the last 24 hours, with Bitcoin up by 1.05 percent. Meanwhile, Ethereum lost 0.11 percent, while Binance Coin (BNB) was among the top performers, with a gain of 6.5 percent.
Binance Coin price movement in the last 24 hours: Binance Coin sets higher high at $540
BNB/USD traded in a range of $494.89 – $539.94, indicating strong volatility over the last 24 hours. Trading volume has increased by 14.78 percent and totals $2.711 billion, while the total market cap trades around $88.4 billion, ranking the coin in 3rd place overall.
BNB/USD 4-hour chart: BNB to see slight retracement before further upside?
On the 4-hour chart, we can see rejection for further upside as Binance Coin price action is exhausted after a strong rally over the last 24 hours.
Binance Coin price action has seen strong performance over the past weeks. After a strong swing low of around $320 was set at the end of September, the first push higher began on the 1st of October.
What followed was a new high set at $450. After some retracement, the second wave higher took BNB/USD to $500. Another retracement followed on the 27th of October with a quick spike to $440.
Binance Coin price action set a higher low there before starting to push higher again on Thursday. Yesterday, bullish momentum continued, moving BNB/USD close to the previous high at $510. Overnight, BNB/USD finally broke higher, reaching $540 and establishing new several months high.
Binance Coin Price Analysis: Conclusion
Binance Coin price analysis is bullish today as a strong higher high was set above the $510 mark overnight, leading to a new swing high at $540. Therefore, we expect BNB/USD to see further upside over the weekend.
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