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

Vechain Price Analysis

TL;DR Breakdown

  • Binance Coin price analysis is bullish today.
  • BNB/USD is currently trading at $558.
  • Next target at $570.

The price of Binance Coin is rising today, as we anticipate the current consolidation above $540 previous resistance to conclude with a significant advance later this weekend. When the bulls regain momentum, BNB/USD will likely move to the next goal at $570.00. The MACD shows bullish divergence, and the RSI is reaching overbought conditions, both favoring an upside breakout in the next few days.

Binance Coin price analysis is bullish today. The cryptocurrency has broken out of the descending triangle pattern, which means it could move to test highs around $570 later this week. When the bulls regain momentum, BNB/USD will likely break above resistance at $540 and head towards higher levels in an ascending channel formation. A breakout from this range would mean a continuation of the long-term uptrend with new all-time highs possible over time. All three moving averages are sloping up while RSI (relative strength index) remains well below 50 on both daily and weekly charts, meaning there’s more room for buyers to push prices higher before we see any exhaustion signs.

Binance Coin price movement in the last 24 hours: Binance Coin analysis show slight bullish momentum

BNB/USD is currently trading at $548. Next target at $570. BNB price analysis is bullish today, with bulls regaining market control, pushing prices higher. A break above resistance at $540 would see prices move to test highs around $570 – a key level that could lead to further gains if breached. The MACD (moving average convergence divergence) indicator suggests that the current uptrend has more room to run. In contrast, overbought conditions on the RSI (relative strength index) suggest that buyers may take a short break before continuing their ascent. For now, we would expect BNB/USD prices to continue their rally in the short term.

Binance Coin price analysis is bullish today, and it’s expected that buyers will regain control of the market, pushing prices higher. A break above resistance at $540 would see prices move towards highs around $570 – a key level that could lead to further gains if breached. The MACD (moving average convergence divergence) indicator suggests that the current uptrend has more room to run. In contrast, overbought conditions on the RSI (relative strength index) suggest that buyers may take a short break before continuing their ascent. For now, we would expect Binance Coin [BNB] prices to continue their rally in the short-term with traders staying long.

BNB/USD 4-hour chart: BNB prepares to rally to $570?

On the 4-hour chart, we can see a strong base formed above the $540 support, likely leading the Binance Coin price to another rally by the end of the weekend.

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

The Binance Coin price has begun to show signs of reversal in the last week. The market began to consolidate after support around $510 was discovered on December 13th, with no further lows set as it became increasingly tight.

On December 23rdrice rose to $550 and broke through previous resistance. On January 31st, $540, it began a steady decline, previously supported.

A breakout is now expected, as the market has been preparing in the last week. The RSI (relative strength index) is reaching overbought conditions, but this may not stop the advance as bulls have taken control of the market.

The next target for Binance Coin would be $570, which was a previous resistance turned support. If breached, it could lead to more gains for BNB/USD.

Binance Coin Price Analysis: Conclusion 

Binance Coin [BNB] price looks set to rally towards around $570 soon. Bulls regained control of the market, pushing prices higher after finding strong support at $540. A break above resistance at this level would see prices move into an ascending channel formation with potential for further gains.

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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