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Binance Coin Price Analysis: BNB still holds above $460, slow reversal to follow?

Binance Coin Price analysis

TL;DR Breakdown

  • Binance Coin price analysis is bearish today.
  • BNB/USD still holds above $460.
  • Lower high set overnight.

Binance Coin price analysis is bearish today as a lower high was set yesterday after failing to see further highs over the weekend. Therefore, we expect BNB/USD to see further downside over the next 24 hours.

Binance Coin Price Analysis: BNB still holds above $460, slow reversal to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded mostly in the red over the last 24 hours. Bitcoin lost 0.41 percent, while Ethereum 3.45 percent. Meanwhile, Dogecoin (DOGE) holds back with a gain of 13 percent

Binance Coin price movement in the last 24 hours: Binance Coin sets lower high after a retest of $460 support

BNB/USD traded in a range of $455.41 – $475.33, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 3.75 percent and totals $1.73 billion, while the total market cap trades around $78.85 billion, ranking the coin in 3rd place overall.

BNB/USD 4-hour chart: BNB to break below $460?

On the 4-hour chart, we can see bearish momentum slowly returning for Binance Coin price action, indicating a break below $460 support could be seen later today.

Binance Coin Price Analysis: BNB still holds above $460, slow reversal to follow?
BNB/USD 4-hour chart. Source: TradingView

Binance Coin price action has seen strong bullish momentum so far in October. After an initial rally to $450 during the first weeks of October,  a clear higher high was set. 

After some consolidation, BNB/USD retraced to $395 on the 12th of October. From there, another spike higher was seen late last week, leading Binance Coin to a new high at $485.

Since then, a failure to continue higher has been seen on the 16th of October, followed by a sharp spike lower. Binance Coin price action did return back above the $460 mark and currently looks to set a lower high. From there, we can expect BNB/USD to move lower again over the next 24 hours.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bearish today as a lower high was set after failing to move higher over the weekend. Therefore,  BNB/USD is headed lower, likely resulting in a break below the $460 support.

While waiting for Binance Coin to move further, read our guides on Metaverse wallet, Fiat wallet reviews, and NFT art finance token.

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.

Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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