Binance Coin Price Analysis: BNB Bounces Off $ 460 Support, Ready For New Highs Today?


TL; Distribution DR

  • Binance Coin price analysis is bullish for today.
  • BNB / USD had a clear retracement yesterday.
  • The previous resistance of $ 460 prevented a further decline.

Binance Coin price analysis is bullish today as the market was strongly rejected for further decline above $ 460 resistance turned to support. Therefore, we expect BNB / USD to continue to climb today and hit new highs above the $ 500 mark.

Cryptocurrency heat map. Source: Coin360

The overall market has traded in the red over the past 24 hours despite the bullish picking up overnight. Market leader Bitcoin lost 2.66%, while Ethereum is down 4.25%. Binance Coin is among the top performers, with a slight loss of just 2%.

Binance Coin price movement in the last 24 hours: Binance Coin finds strong support at $ 460

BNB / USD has traded in a range of $ 461.76 to $ 498.51, indicating substantial volatility over the past 24 hours. The volume of transactions decreased by 9.78% and stands at $ 3 billion. Meanwhile, the total market cap is trading around $ 82 billion, placing the coin in 4th place overall.

BNB / USD 4-hour chart: BNB ready to rally again?

On the 4-hour data chart, we can see Binance Coin’s price action rebounding from the $ 460 support overnight, with strong bullish momentum this morning.

Binance Coin Price Analysis: BNB Bounces Off $ 460 Support, Ready For New Highs Today?
BNB / USD 4 hour chart. Source: TradingView

Binance Coin’s price action has seen a sharp increase over the past month. After establishing a new low of around $ 255 on July 20, BNB / USD broke past previous highs in the following weeks.

Eventually BNB hit the $ 500 mark, which means a total price increase of over 90%. A slight retracement followed yesterday from the $ 500 mark with the previous local high of $ 460 acting as support.

Since Binance Coin quickly moved away from the support of $ 460, we can assume that another low is set and a further rise is expected over the next 24 hours, with the next target at $ 540. .

Binance Coin Price Analysis: Conclusion

Binance Coin’s price analysis is bullish as the market found solid support above $ 460 overnight and started to recover earlier today. Therefore, we expect BNB / USD to continue rising later in the day and then hit the resistance of $ 540.

Until Binance Coin goes further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

Disclaimer. The information provided is not commercial advice. Cryptopolitan.com accepts no responsibility for investments made on the basis of the information provided on this page. We strongly recommend independent research and / or consultation with a qualified professional before making any investment decision.


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