- 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.
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 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.
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