TL;DR Breakdown
- Binance Coin price analysis is bullish today.
- BNB/USD continued higher overnight.
- Next resistance target at $506.
Binance Coin price analysis is bullish today as we expect more upside to follow after continuous advance over the last 24 hours. Likely BNB/USD will reach towards the $506 major resistance next.
The cryptocurrency market has seen bullish momentum return over the last 24 hours. The market leaders, Bitcoin and Ethereum, both are in the green, with a gain of 0.79 and 1.53 percent. Meanwhile, Binance Coin (BNB) leads, with almost a 2 percent gain.
Binance Coin price movement in the last 24 hours: Binance Coin slowly tests further upside
BNB/USD traded in a range of $468.94 – $495.73, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 47.6 percent, totaling $2.28 billion. Meanwhile, the total market cap trades around $82 billion, ranking the coin in 3rd place overall.
BNB/USD 4-hour chart: BNB targets $500 next?
On the 4-hour chart, we can see the Binance Coin price still advancing higher, likely leading to the $500 mark reached today.
Binance Coin price action has seen a strong recovery this week. After previously setting a series of lower lows, BNB/USD finally peaked below $415 on the 10th of January.
From there, BNB quickly rallied 20 percent, breaking above previous local highs. Over the next days, a slow retracement to $470 set a higher low as bulls were finally exhausted.
However, late yesterday, the Binance Coin price action resumed moving higher, with another higher high set late in the day. Overnight, BNB/USD slowly traded higher, indicating more upside will likely follow later today.
Binance Coin Price Analysis: ConclusionÂ
Binance Coin price analysis is bullish today as we expect the current upswing to continue later today. BNB/USD should test the $506 next resistance over the next 24 hours.
While waiting for Binance Coin to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.
