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Binance Coin price prediction: Binance Coin retraces to $535, prepares to set another lower high?

TL;DR Breakdown

  • BNB retests $535.
  • Closest resistance at $585.
  • Next support at $485.

Today’s Binance Coin price prediction is bearish as both a higher low and high was set over the past 24 hours. Therefore, we expect another push lower along with the current several-day bearish momentum.

Cryptocurrency heat map. Source: Coin360

The overall market performance starts to turn more bullish. While Bitcoin is still in the red with -1.45 percent, the rest of the top altcoins have recovered and moved into the green zone. Chainlink(LINK) is among the best performers, with a gain of almost 17 percent.

Binance Coin price prediction: Binance Coin retraces to $535, prepares to set another lower high?

BNB/USD opened at $550 after further retracement yesterday, which resulted in another lower high and low. Currently, previous support at $535 holds the Binance Coin price action from moving any lower, indicating we might soon see another push higher. However, the market price structure is still short-term bearish as a new higher high above $585 needs to be set.

Binance Coin price movement in the last 24 hours

The BNB moved in a range of $526.53 – $571.11, indicating strong volatility over the last 24 hours. Trading volume has dropped by 14.54 percent and totals $6.4 billion. Meanwhile, the total market capitalization stands at $84.8 billion, ranking the cryptocurrency in 3rd place overall.

BNB/USD 4-hour chart – BNB

On the 4-hour chart, we can see BNB/USD consolidating for most of the day as $535 prevents further downside, and bulls lack the momentum to retest the previous high at $585.

BNB/USD 4-hour chart. Source: TradingView

Overall, Binance Coin has performed excellently over the past weeks. After establishing a solid consolidation around $24-$28 in February, the market started rapidly gaining momentum by the end of April. Over the following weeks, Binance Coin price increased by more than 150 percent.

As mentioned in our previous Binance Coin price prediction, BNB faced rejection around the $600 price mark after a brief spike towards $640 on Monday. From there, the market price retraced some more until support was found around the $535 mark. 

Yesterday, BNB/USD moved higher, with resistance found around $585, from which another push lower resulted in a slightly lower low below the $535. Therefore, the market is not yet ready to reverse back to the upside, and we will see further retracement or at least consolidation around the current price levels.

If the support at $535 breaks, the next major support area is seen at $460-$485, where a slight consolidation was seen on the 10th of April as BNB rushed higher in a several-week bullish momentum. From there, much depends on how the Binance Coin price action will react. If we see sharp rejection candles for further downside, we can assume that not much further downside will be seen, and the market will reverse over the remainder of April. 

Binance Coin Price Prediction: Conclusion

Binance Coin price prediction is bearish as the market lack momentum to move higher. Current support at $535 is likely to be broken over the next hours, meaning that we will see another lower low set. The next support is located around $485, and an entry from there would offer a much better long position in terms of risk/reward.

While waiting for further Binance Coin price action development, read our guide on how to get Ethereum and Bitcoin mining software. To learn more about another great altcoin, read our long-term Polkadot price prediction for 2021-2025.

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.

This post was last modified on November 6, 2021 4:04 pm

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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