Binance Coin Price Analysis: BNB rejects further downside above $510, ready to break higher?

Binance Coin Price analysis

TL;DR Breakdown

  • Binance Coin price analysis is bullish today.
  • BNB/USD rejected downside yesterday.
  • Consolidation was seen overnight.

Binance Coin price analysis is bullish today as we expect a reversal to follow after failure to move any lower yesterday. Likely BNB/USD is now ready to finally set a higher high and reverse the bearish market structure seen over the past week.

Binance Coin Price Analysis: BNB rejects further downside above $510, ready to break higher? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen bullish momentum over the last 24 hours. The market leaders, Bitcoin and Ethereum, have gained 0.06 and 3.15 percent, respectively. Meanwhile, Avalanche (AVAX) is the top performer, with a gain of almost 10 percent.

Binance Coin price movement in the last 24 hours: Binance Coin rejects downside above $510

BNB/USD traded in a range of $511.70 – $535.43, indicating substantial volatility over the last 24 hours. Trading volume had increased by 20.78 percent, totaling $1.85 billion. Meanwhile, the total market cap trades around $88.8 billion, ranking the coin in 3rd place overall.

BNB/USD 4-hour chart: BNB looks to break higher?

On the 4-hour chart, we can see bulls taking over the momentum this morning, likely leading to a break higher by the end of the day.

Binance Coin Price Analysis: BNB rejects further downside above $510, ready to break higher?
BNB/USD 4-hour chart. Source: TradingView

Binance Coin price has seen a steady decline over the last weeks after a strong lower swing high was set around $15 on the 9th of December. From there, DOGE/USD saw strong moves lower twice, with the last one establishing the current low around $510.

Since then, DOGE has retraced and set a clear lower high at $545. Bearish momentum returned quickly, leading to a slow move lower again yesterday.

However, further downside was rejected several times, indicating an increasing buying pressure in the market. Additionally, this morning, some bullish momentum has appeared, potentially indicating that we could see a higher high set later today.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bullish today as we have seen rejection for further downside continue overnight. Therefore, BNB/USD  is likely ready to finally set a higher high over the next 24  hours.

While waiting for Binance Coin to move further, see our articles on Pi Wallet, Electrum Wallet, and Celsius Wallet.

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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