Binance Coin Price Analysis: BNB breaks past the $500 mark

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TL;DR Breakdown Binance Coin price analysis is bullish today. BNB/USD retested $490 previous resistance as support. Next resistance at $510. Binance Coin’s price appears to be in a bull market today, as a higher high was established yesterday, followed by a drop to $480 resistance. As a result, BNB/USD has set a new lower low, … Read more

TL;DR Breakdown

  • Binance Coin price analysis is bullish today.
  • BNB/USD retested $490 previous resistance as support.
  • Next resistance at $510.

Binance Coin’s price appears to be in a bull market today, as a higher high was established yesterday, followed by a drop to $480 resistance. As a result, BNB/USD has set a new lower low, indicating further rises later this week.

Cryptocurrency heat map. Source: Coin360

The overall cryptocurrency market is entirely green with all digital assets trading bullishly for the past 24-hours. Bitcoin crossed the $65,000 mark after a 1.54 percent rise where it set a new all-time high. Ethereum posted a record gain of 8.43 percent and broke above $4,178.

Binance Coin price movement in the last 24 hours: Binance Coin sets higher high at $505

The price of Binance coin has been stable recently, ranging from $494 to $504.14 in the last 24 hours, suggesting a modest amount of volatility over this period. Trading volume has dropped by 27 percent and stands at $1.6 billion, while the market capitalization is approximately $81 billion.

BNB/USD 4-hour chart: to continue higher after testing $490 as support?

On the 4-hour chart, Binance Coin has established a new higher low at $494, implying that it may rise further over the next 24 hours.

BNB/USD 4-hour chart. Source: TradingView

Binance Coin’s price has been on a tear since the beginning of October. BNB/USD has risen over 55 percent from its previous low of $320 to its current high of $497.

This price action development was a result of the strong moves higher. The first began on the 1st of October, reaching $450, while the second on the 12th of October, reaching $480.

Over the past days, Binance Coin price action consolidated above $460 until a third push higher was seen on Monday. BNB/USD peaked at $497 this time, leading to a small retracement over the last 24 hours to retest the $480 previous high as support.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bullish today as a higher low has been established overnight at the $480 mark. Therefore, we expect BNB/USD to continue higher and target the $510 mark next.

While waiting for Binance coin to move further, read some of our guides on LTC wallets, Gero wallets, and  DeFi wallets.

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