Analytics

Binance Coin Price Analysis: BNB continues higher, tests $496

  • 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.

Cryptocurrency heat map. Source: Coin360

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.

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BNB/USD 4-hour chart. Source: TradingView

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: Conclusion 

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.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

   

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