Binance Coin Price Analysis: BNB retraces to $480 after a fast move higher overnight

TL;DR Breakdown

• Binance Coin price analysis is bullish for today.
• BNB/USD spiked to $519 overnight.
• BNB saw retracement to $480 earlier today.

Binance Coin price analysis is bullish for today as both a higher high and low were set over the last 24 hours. Therefore, as long as the $480 support holds, we expect BNB/USD to increase and move towards further highs.

The cryptocurrency market traded in the red over the last 24 hours as bears took over the market momentum overnight. The market leader, Bitcoin, has declined by 0.96 percent, while Ethereum remains flat. Solana (SOL) is among the best performers, with a gain of 6.42 percent.

Binance Coin price movement in the last 24 hours: Binance Coin retraces to $480

BNB/USD traded in a range of $475.66 – $518.76, indicating strong volatility over the last 24 hours. Trading volume has increased by 10.12 percent and totals $3.69 billion, while the total market cap stands at $82.64 billion, ranking the coin in 4th place overall.

BNB/USD 4-hour chart: BNB prepares for another rally?

On the 4-hour chart, the Binance Coin looks to close bullish in preparation for further upside over the next 24 hours.

Binance Coin price prediction is bullish today as a slightly higher low was set over the last 24 hours. Overall, BNB/USD has gained more than 100 percent over the past month after a new swing low was set around $255 on the 20th of July.

Since the previous major swing high at $430 was broken earlier this month, the overall market structure has turned bullish again, and we can expect a lot more upside past the current high of $519 set yesterday.

However, after a strong rally early yesterday, bulls were exhausted, failing to see much further upside above the $500 mark. Over the past days, Binance Coin’s price has established strong support, from which we should see a rally higher over the next 24 hours, with the $540 resistance as the next target. 

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bullish for today as a slightly higher low was set overnight after a brief spike higher. Since bulls have regained control today, we expect BNB/USD to continue moving higher and try to reach the next resistance at $540 next.

While waiting for Binance Coin to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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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