in

Binance Coin Price Analysis: BNB retests $460 as support, prepares to break higher?


TL;DR Breakdown

  • Binance Coin price analysis is bullish today.
  • BNB/USD is gaining momentum today.
  • The previous high at $480 is currently tested.

Binance Coin price analysis is bullish today as the market moved higher overnight after a retest of the $460 mark as support. Therefore, we expect BNB/USD to set a further higher high over the next 24 hours.

Binance Coin Price Analysis: BNB retests $460 as support, prepares to break higher? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours, with Bitcoin gaining 3.54 percent. Meanwhile, Ethereum is up by 4.05 percent, while Polkadot (DOT) is among the best performers, with a gain of almost 9 percent.

Binance Coin price movement in the last 24 hours: Binance Coin returns below $480 previous swing high

BNB/USD traded in a range of $459.65 – $483.56, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 16 percent and totals $2.23 billion, while the total market cap trades around $80.55 billion, ranking the coin in 3rd place overall.

BNB/USD 4-hour chart: BNB to break $480 today?

On the 4-hour chart, we can see the Binance Coin price testing the previous high, likely leading to further upside over the next 24 hours.

Binance Coin Price Analysis: BNB retests $460 as support, prepares to break higher?
BNB/USD 4-hour chart. Source: TradingView

Binance Coin price action has seen strong bullish momentum so far in October. After a several-day rally from the previous major swing low of $320, BNB/USD reached the $440 new high on the 2nd of October.

A sideways consolidation followed with slightly higher highs and lows set until the $450 mark was reached on the 7th of October. From there, BNB/USD saw a strong retracement of around 12 percent to the $391 mark.

On Tuesday, strong bullish momentum took over again, quickly leading Binance Coin price to $480 and establishing a strong higher high. After a brief retracement to $460 yesterday, bullish momentum continued overnight, leading BNB/USD back towards the previous high over the last hours.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bullish today as a higher low was set yesterday, and bullish momentum returning overnight. Therefore, we expect BNB/USD to break above the current resistance of $480 later today.

While waiting for Binance Coin to move further, read our guides on Metaverse wallet, Fiat wallet reviews, and NFT art finance token.

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.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

Source: Pixabay

Benefits of Blockchain Technology to Businesses | CryptoGazette

Miami Putting The Pieces In Place To Pay Workers With Bitcoin

Miami Putting The Pieces In Place To Pay Workers With Bitcoin ⋆ ZyCrypto