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Binance Coin Price Analysis: BNB retests $470 again, ready to move higher?


TL;DR Breakdown

  • Binance Coin price analysis is bullish today.
  • BNB/USD retraced back to the $470 support.
  • Next target at $510.

Binance Coin price analysis is bullish today as the $470 support got retested again, and bullish momentum has returned over the past hours. Therefore, we expect BNB/USD to continue higher over the next 24 hours.

Cryptocurrency heat map. Sou

Binance Coin Price Analysis: BNB retests $470 again, ready to move higher? 1
Cryptocurrency heat map. Source: Coin360

The overall crypto market traded in the green over the last 24 hours. The market leaders, Bitcoin and Ethereum, gained 4.62 and 2.77 percent. Meanwhile, Solana (SOL) was the top performer, with a gain of over 10 percent.

Binance Coin price movement in the last 24 hours: Binance Coin retraces to find support at $470 again

BNB/USD traded in a range of $468.20 – $484.87, indicating substantial volatility over the last 24 hours. Trading volume has increased by 22.22 percent and totals $1.37 billion, while the total market cap trades around $80.8 billion, ranking the coin in 3rd place overall.

BNB/USD 4-hour chart: BNB ready to reach above $500?

On the 4-hour chart, we can see bullish pressure returning for the Binance Coin price action, likely leading to the $500 previous high over the next 24 hours.

Binance Coin Price Analysis: BNB retests $470 again, ready to move higher?
BNB/USD 4-hour chart. Source: TradingView

Binance Coin price action has seen a strong advance over the past weeks. After an initial rally to $450 during the first days of October, a retracement to $395 set a clear higher low.

From there, BNB/USD continued higher to $485, with further upside is seen last week to $505. Since then, BNB has retraced to $470, with both a higher low and lower high set, indicating a consolidation range.

Yesterday, a slight drop took the Binance Coin price action back to the $470 mark, with further downside rejected again. Today, BNB/USD has begun pushing higher again, likely leading to more upside over the next 24 hours.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bullish today as the $470 support prevented more downside yesterday, leading to more upside today. Therefore, we expect BNB/USD to continue higher, with the next target at $500.



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