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BNB price analysis: Binance Coin at $439 support, bears in control again?

BNB Price Analysis

TL;DR Breakdown

  • BNB price analysis is bullish for today, up by 1.8%.
  • The nearest resistance remains unbroken at 446.922 USD.
  • BNB/USDT current price is 443.1 USD, the nearest support being at $439.

Binance, the biggest cryptocurrency exchange in the world by trading volume, has its own token, i.e., the Binance Coin or BNB. BNB has been one of the most lucrative investments for 2021. The cryptocurrency token has seen a 34.48% increase in the trading volume, which stands at 2.21 billion USD.

On the other hand, the market capitalization for the coin soared by 5.05%, at 74.4 billion USD. BNB price analysis has been bullish for today, up by 1.8%. The nearest resistance for the bulls can be seen at $446.922, with the support being at $439.

Currently, the price action is retesting this support level. If the current support fails, we might see the price drop down to support at $420. Bitcoin has been particularly bullish in the month of October, forming a new monthly high. The trading volumes surged, showing an increased interest of investors in the king of cryptocurrencies.

Binance Coin price movement in recent days

According to the data presented by the daily chart, the price of the coin surged by more than 10% on 29th September, while the last day of September brought a 5.38% surge in the price of the BNB token. Considering the monthly movement, the price of the BNB token rose by 39.57% in the month of August, while October opened at $387.5.

Considering the current prices, we have witnessed the price of the coin rise by more than 13% in the month of October. Higher prices are expected to follow as the word “Uptober” has made its appearance on social media.

BNB price analysis: Technical indicators remain bullish

The technical indicators provide accuracy to our BNB price analysis. In the 4-hour price chart below, it is clear that the price momentum is above the 50-day as well as the 100-day Moving Averages. This is a bullish indication as these Moving Averages will act as a strong support if price action turns bearish.

The price movement is situated in the upper end of the Bollinger Band. We might see the prices break out from the upper end if this continues, indicating a bullish scenario. Currently, the volumes are not so high to cause an outbreak from the upper end of the Bands.

BNB price analysis
BNB price analysis on the 4-hour chart by TradingView

Another bullish price action can be seen on the RSI as the line is still in the bullish region. The value is just below the 60-level and is slightly negative. This indicates that the buying pressure has increased to fight the selling pressure.

On the MACD indicator, the MACD line and the signal lines are converging, and a bullish crossover is possible. If we see a bullish crossover, we might see a price surge in the short term as the price action breaks the resistance at $446.

BNB price analysis: Binance Coin at $439 support, bears in control again? 1
BNB price analysis on the 4-hour chart by TradingView

BNB price analysis: Conclusion

BNB price analysis on the 4-hour chart currently shows that the technical indicators are still bullish, and if the buying pressure surges, we might see newer highs in the short term. Although, if you need a long-term perspective, you need to look into our long-term price predictions.

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Parth Dubey

Parth Dubey

A writer, an author, a freelancer with writings in over 50+ niches, an editor, a proofreader, a music enthusiast, a YouTuber, a podcaster, and someone, who puts consistent efforts each day to make sure his creativity is noticed. What's more? I love cryptocurrencies.

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