TL;DR Breakdown Binance Coin price analysis is bearish today. BNB/USD set a higher high at $572 overnight. BNB slowly comes closer to $600 The Binance Coin price is bullish today, as a higher low was established overnight at $572 following a strong rally. Currently, BNB/USD is rising in value, suggesting that there will be a … Read more
- Binance Coin price analysis is bearish today.
- BNB/USD set a higher high at $572 overnight.
- BNB slowly comes closer to $600
The Binance Coin price is bullish today, as a higher low was established overnight at $572 following a strong rally. Currently, BNB/USD is rising in value, suggesting that there will be a gradual consolidation over the next 24 hours.
Meanwhile, the overall cryptocurrency market is trading bearishly with most coins recording losses of up to 5%. Binance Coin, Solana and Vechain are among the only few gainers on the one-day chart. Market leaders Bitcoin and Ethereum lost 0.72 and 0.34 percent respectively.
Binance Coin price movement in the last 24 hours: Binance Coin sets higher high at $572 after a strong rally
Over the last 24 hours, the price of Binance Coin has varied between $553.92 and $574.07, demonstrating a high degree of volatility in that time period. Trading volumes have increased by 21% to $2.5 billion, while the market capitalization is worth around $90.3 billion, placing it in third position overall.
BNB/USD 4-hour chart: BNB to return below $540?
On the 4-hour chart, we can see that Binance Coin price action is strengthening around the $574 level as the bulls aim to test new support.
BNB/USD 4-hour chart. Source: TradingView
Binance Coin price has increased significantly over the previous weeks. Last week, after a sequence of increasing highs and lows, the $540 mark was reached for the first time.
Around last week, Binance’s price rocketed by nearly 60 percent, which was a new all-time high. It then fell back around $500 before rebounding slightly today.
However, as the Binance Coin price action reversed this morning and moved to test the $540 previous high as support, the further upside was not seen. We’ll most likely see BNB/USD break lower and retrace even more before another attempt to rise can be made.
Binance Coin Price Analysis: Conclusion
Binance Coin price is bullish today, as the market reached a high of $574 today following a strong surge. As a result, bears have become weary and we anticipate BNB/USD to rise further later today.