- Binance Coin price analysis is bullish today.
- BNB/USD consolidates above $415 support.
- Bulls are likely to take over momentum later today.
Binance Coin price analysis is bullish today as a consolidation above the $415 support has prevented further downside. Therefore, we expect BNB/USD to rally higher over the next 24 hours.
The cryptocurrency market traded with mixed results over the last 24 hours. The market leader, Bitcoin, gained just 0.15 percent, while Ethereum was down 0.74 percent. Meanwhile, Ripple (XRP) is among the top performers, with a gain of almost 11 percent.
Binance Coin price movement in the last 24 hours: Binance Coin tests support at $415
BNB/USD traded in a range of $411.55 – $425.02, indicating low volatility price action over the last 24 hours. Trading volume has declined by 44.53 percent and totals $1.39 billion, while the total market cap trades around $79.5 billion, ranking the coin in 4th place overall.
BNB/USD 4-hour chart: BNB to target $440 next?
On the 4-hour chart, we can see Binance Coin price action rejecting downside, indicating that reversal back to previous resistance should follow.
Binance Coin price action has seen strong bullish momentum so far this month. After establishing a major swing low at $320 by the end of September, a strong reversal followed on the 29th of September.
BNB/USD quickly gained around 40 percent over the following days until the $450 mark was reached on the 7th of October. However, the bullish momentum slowed during the second half of the week, leading to only slightly higher highs set each time.
Previously support was established at $415, with several rejections for further downside. Overall, as long as the support holds, we expect Binance Coin price to attempt another push higher.
Binance Coin Price Analysis: Conclusion
Binance Coin price analysis is bullish today as the $415 support prevented further downside. Therefore, we expect BNB/USD to attempt another push higher over the next 24 hours.
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