Binance coin price analysis: BNB/USD to break above $160 resistance before midnight

TL;DR Breakdown

• Binance Coin price analysis is bullish for today.
• BNB/USD saw another price surge this morning.
• BNB is set to break past $160.

The Binance Coin price is currently bullish, with the market seeing another rapid drop this morning and bulls picking up any further selling pressure. As a result, we anticipate BNB/USD to reverse in the coming days and attempt to recoup some of the losses incurred over the previous few weeks.

Binance Coin price movement in the last 24 hours: Binance Coin drops to $320

Today, BNB/USD saw prices drop to $340 before picking up any further downside and bouncing higher in search of more substantial support at $3241 (23.6 percent Fibonacci retracement) before moving lower once more.

At the time of writing, Binance Coin is trading at $355.54 after seeing a further 1.20 percent price hike, outperforming the wider market in today’s session. We can see BNB/USD has broken below its 20-day EMA, which would usually indicate bearish momentum will dominate in this period; however, bulls are picking up any selling pressure and pushing prices higher for now.

The RSI indicator is producing higher lows which would indicate bullish momentum is in play for now. However, the trading volume has notably decreased further still, indicating lack of interest may impact any short-term recovery.

Looking ahead, if prices can continue to climb northward through resistance at $360.00 (Fibonacci retracement, horizontal pullback support) and push through a further projected resistance at $375.00 (SMA 50 & 100), we can expect BNB/USD to see a recovery in the coming sessions.

BNB/USD 4-hour chart: BNB starts to push higher again

We can see that the Binance Coin price is once again establishing a foothold above $350, which implies that there’s more buying interest for this cryptocurrency.

BNB/USD 4-hour chart. Source: TradingView

Binance Coin price action has remained bearish this week. After several days of sideways consolidation around the $390-$420 price range, BNB/USD had established a strong foundation on which to reverse. After a bullish breakout, Binance Coin saw prices move as high as $575.37 for a peak of 10.41 percent week-to-date.

When we take a look at the Binance Coin price over on the 4-hour chart, we can see that it has been consolidating between $316 and $370 over the weekend, with solid bearish momentum pushing prices lower.

The bullish move today is presenting another opportunity for us to get in on this market.

There was a break above a descending trend line connecting the highs of the range, which means that bulls have gained control, and Binance Coin is now looking to break through resistance at $360.00. This would pave the way for further gains towards $500.00 (horizontal swing high resistance).

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bullish for today. We can see that bulls have pushed the market back above $350, which means that there’s a growing likelihood that BNB/USD could recover some losses over the next few days. For now, it looks as if buyers will attempt to break through resistance at $360.00

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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