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Binance Coin price analysis: BNB tests $400 previous high, swift breakout to follow?

Binance Coin Price analysis

TL;DR Breakdown

  • Binance Coin price analysis is bullish today.
  • BTC/USD saw further upside tested yesterday.
  • The $400 major resistance is currently tested.

Binance Coin price analysis is bullish today as we have seen a strong advance over the past days towards the previous swing high at $400. Momentum still seems strong, indicating ETH/USD should soon break even higher.

Binance Coin price analysis: BNB tests $400 previous high, swift breakout to follow? 1
Cryptocurrency heat map. Source: Coin360

The market has continued to advance over the last 24 hours. The leader, Bitcoin, gained 2.75 percent, while Ethereum a more substantial 4.78 percent. Binance Coin (BNB) follows with a 2.47 percent advance.

Binance Coin price movement in the last 24 hours: Binance Coin rallies towards $400 next resistance

BNB/USD traded in a range of $384.83 – $399.92, indicating substantial volatility over the last 24 hours. Trading volume has increased by 1.58 percent, totaling $1.6 billion, while the total market cap trades around $65.73 billion, resulting in a market rank of 4th place.

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

On the 4-hour chart, we can see the $400 mark still tested by the Binance Coin price action, likely meaning a break higher can be expected soon.

Binance Coin price analysis: BNB tests $400 previous high, breakout to follow?
BNB/USD 4-hour chart. Source: TradingView

Binance Coin price action has established strong support above the $360-$365 area over the past weeks. After consolidation in an increasingly tighter range over the start of the week, BNB/USD started to test upside on Wednesday.

Break higher soon followed as BNB quickly moved to $385 resistance and pushed higher without much hesitation. Therefore, bulls indicated strength in the market once again.

After an initial peak around $392, the Binance Coin price action quickly retested previous resistance as support early yesterday. Bullish momentum resumed later in the day, leading to the current resistance at $400 being tested.

Binance Coin price analysis: Conclusion 

Binance Coin price analysis is bullish today as we have seen steady advances continue over the past days. Therefore, the current resistance at $400 should soon be broken, opening the way for BNB/USD to rally much further later in the weekend.

While waiting for Binance Coin to move further, see our articles on Crypto Launchpads, DeFi 101, and what you should know about DAOs.

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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