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

Chainlink Price Analysis

TL;DR Breakdown

  • Binance Coin price analysis is bullish today.
  • BNB/USD is currently trading at $510.
  • Reaction higher seen this morning.

The Binance Coin price is currently bearish, as we anticipate additional upswing after a rapid decline beneath $506 previous lows and a reaction rise in the past hours. The most likely scenario is that BNB/USD will push higher shortly, with the prior high as the objective.

Binance Coin price analysis shows bullish signs today as the recent pullback deepens. As such, we would expect more upside to follow after a quick spike below $506 previous lows and a reaction higher over the past hours. The expected direction is higher, at least for another retest of the $650 resistance level. We’d expect more downside to develop if this fails, which makes sense given the market conditions.

Price action moved lower overnight but respected previous lows with a move back higher which was likely an overreaction before the selling moved in again. The market has been manipulated for months now, so the price movements are not showing the usual signs usually present when a market is deemed bearish or bullish. Instead, today’s BNB/USD price action suggests that traders are still unsure of what they are doing at this current time since risk appetite appears low.

The price action will need to break either way soon enough, giving direction as we advance. Looking at BNB/USD now, last night’s price fell through previous support to find new lows at $506.19 before faring worse this time around.

A spike has been seen back higher overnight after an initial move below, likely due to traders closing their sell positions and the slow uptick in volume over the past two weeks. However, this morning’s candle looks bullish, with BNB/USD trading above $500, but the bulls will need to push higher for any chance of seeing further gains.

BNB/USD 4-hour chart: BNB ready to recover?

On the 4-hour chart, we can see that the Binance Coin price is rising again today, suggesting another price increase.

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

Binance Coin (BNB) has recently shown signs of recovery. A considerable drop from the $572 swing high in the previous month resulted in a loss of astound 12% of Binance’s market value in a few days.

The 4-hour chart continues to show downside price action with lower highs and lower lows, suggesting that selling pressure is still dominating this market, leaving us unsure whether the recent spike higher can be sustained or not at this point. The 100 SMA is above the 200 SMA, indicating that the path of least resistance is to the upside. This only tells us that a break above $650 would lead to even further gains, and while we’re unsure if this will happen soon, it’s hard to make a case for any major downside at the moment, given the market volatility.

Since yesterday’s sharp drop could not break any substantial additional downside, the Binance Coin price is now poised to surge higher. As a result, we anticipate that when bears are finally worn out later this week, more upside will be seen above the present high.

Binance Coin Price Analysis: Conclusion 

Binance Coin’s price is climbing as we anticipate the drop lower to be a sign of strength, as the market was promptly rejected higher. As a result, BNB/USD is likely to rally again and establish another new high.

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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