Binance Coin Price Analysis: BNB to spike higher today

Chainlink Price Analysis

TL;DR Breakdown

  • Binance Coin price analysis is bullish today.
  • BNB/USD is currently trading at $524.
  • Slight reaction lower seen since.

Binance Coin is rising today, suggesting that the exchange launch another attempt to break higher. Over the previous hours, BNB/USD has most likely retraced enough to surge higher and begin reversing its sharp decline from last week.

BNB/USD has spiked to $528 early this morning, according to coinmarketcap.com. This surge follows a recent press release and good news for Binance customers and its users.

On top of this, we can see that BNB/USD has moved back above the 7-day EMA and is trading well above the 21-day EMA. This is a positive sign and means that the price could be pushed higher by the end of this week towards $550.

Yesterday, Binance unveiled its Emergency Liquidity’ program for large token holders facing sudden liquidation due to big drops in their digital assets’ market value. The Emergency Liquidity Protection Program will take care of those users financially who bought at or around the time of their respective token listing on the Binance platform and consequently faced losses due to subsequent market dips.

According to coinmarketcap, BNB/USD today opened at $515 and immediately faced bids pushing it up towards $520, where mid-level demand zones offered resistance. Due to this slight pause in buying pressure, BNB/USD dipped down to $514.77 just before the expected surge in buying pressure that caught the market off guard.

The MACD indicator is still bullish, while the Relative Strength Index (RSI) indicator also signs buying.

Binance Coin Price Analysis Overview BNB/USD Price levels point towards a possible surge in prices, which is expected to begin later today. The price movement seen over the last couple of days suggests that the price could be heading higher soon, with strong support seen at $515.

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

On the 4-hour chart, we observe that the Binance Coin price is presently attempting to rise higher following a minor downturn from current resistance.

Binance Coin Price Analysis: BNB to spike higher today 1
BNB/USD 4-hour chart. Source: TradingView

Binance Coin’s price action has been very volatile recently. After a series of higher highs and lows last week took BNB/USD to a new major swing high of $570 on the 27th of December, an immediate reaction selloff followed.

The market quickly broke through prior lows, indicating a shift in market sentiment back to bearish. The selloff continued for several days until support at $510 once again staunched the fall.

Following the consolidation after breaking $500, Binance Coin (BNB) started to consolidate. The $525 mark served as local resistance, and after many tests of both up and down, BNB/USD has remained below $525.

Binance Coin Price Analysis: Conclusion 

Binance Coin’s price is trending up today, following the formation of another higher local low near $520 after a brief push back against the $525 resistance. As a result, BNB/USD will most likely attempt to break higher over the day or fall to $510 support at some point.

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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