in

Binance Coin Price Analysis: BNB swiftly advances to $480, set for further upside this week?

Cryptopolitan


TL;DR Breakdown

  • Binance Coin price analysis is bullish today.
  • BNB/USD spike higher overnight.
  • BNB tests $480 major resistance.

Binance Coin price analysis is bullish today as a sharp rally was seen overnight after a slight retracement yesterday. Therefore, we expect BNB/USD to continue moving higher and target the $500 mark next.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market trades in the green today as the market leaders, Bitcoin and Ethereum, are up by around 1.9 percent. Binance Coin (BNB) is among the best performers, with a gain of 3.8 percent.

Binance Coin price movement in the last 24 hours: Binance Coin advances to $480

BNB/USD traded in a range of $439.17 – $483.31, indicating strong volatility over the last 24 hours. Trading volume has increased by 28.82 percent and totals $2.54 billion, while the total market capitalization trades around $80.5 billion, ranking the coin in 4th place overall.

BNB/USD 4-hour chart: BNB targets the $500 mark next?

On the 4-hour chart, we can see the Binance Coin reaching the $480 major resistance, with the $500 mark in sights next.

Binance Coin Price Analysis: BNB spikes to $480, set for further upside this week?
BNB/USD 4-hour chart. Source: TradingView

Binance Coin has seen a substantial increase over the last month. From the previous swing low of $255, set on the 20th of July, BNB/USD has rallied almost 90 percent to the current resistance of $480.

Last week, we saw the previous major swing high of $430 broken, indicating that the overall market structure has turned bullish again. This price action development resulted in a further rally over the weekend, with the $480 mark currently tested.

As long as bulls keep their momentum, we can expect the Binance Coin to rally further over the next 24 hours and target the $500 mark. We could see another small retracement from the $500 major price target before further upside can be seen later this week.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bullish for the next 24 hours as a strong rally started overnight and took the market to the $480 resistance. Currently, bulls are still in control, which should result in BNB/USD reaching the $500 mark next.

While waiting for Binance Coin to move further, read our articles on Bitcoin Futures, Decentralized Exchanges, as well as NFT Marketplace.

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

PayPal Launches Crypto Trading Service In UK | CryptoGazette

Avalanche developments see AVAX price surge by 156%

Avalanche developments see AVAX price surge by 156%