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BNB/USD rallied to $497, missing upper target by only 3-points

Cryptopolitan


TL;DR Breakdown

  • Binance Coin price analysis is bullish today 
  • BNB/USD has been trading within a range of $486 – 497

Binance Coin price analysis is bullish today after the coin broke out above $480 into the $490 region, coming short of the $500 target by only 3 points. We are therefore expecting Binance Coin to rally upwards and regain some of Thursday’s losses in the next 24 hours. 

The general digital currencies market is trading bullishly, with the majority of the coins posting record 24-hour gains. BTC, ETH, and ADA recorded 4.5, 4.8, and 3.7 percent gains overnight. 

Binance Coin price movement in the last 24 hours: BNB/USD retests $490 level

According to our 24-hour session Binance Coin price analysis, BNB/USD has been trading within a range of $486 – 497. The medium-range suggests a moderate amount of volatility across the 24-hour chart. Binance Coin witnessed a 28 percent drop in its daily trading olume to a total of $2.6 billion. According to Coin Market Cap, the exchange token witnessed a 2 percent surge in market capitalization to a total of $82.09 billion. BNB is ranked number #4 overall by market cap. 

BNB/USD 4-hour chart: BNB/USD eyeing $510?

According to our 4-hour Binance Coin price analysis chart, BNB/USD has dropped slightly below the $490 mark and has a press time price of $488. The coin could establish a strong base at the $490 mark to support a strong uptrend against the $500 resistance. 

Source: TradingView

The MACD histogram on our 4-hour Binance Coin price analysis has turned red and suggests a bearish momentum has already taken control of the market. The BNB momentum has only decreased in the near hours after the coin broke above $490. The 12 and 20-day EMAs are rising and indicate a clear bullish divergence in the medium term.

Our RSI indicator on the Binance coin price analysis points to 49, a neutral zone, and heads towards the overbought region. If the RSI is able to cross to the 50 index, the bulls could dominate the market and push the price above $500. The low position of the index suggests there is much room for a decisive outbreak

The Bollinger Bands are expanded to suggest high trading volatility on the daily chart. Their expansion also signals a positive sentiment that the bulls might trigger a long-term uptrend any time soon. 

Binance Coin Price Analysis: Conclusion

Traders should expect a bullish uptrend in the next 24-hours, as shown on our Binance Coin price analysis; the bulls are aiming to establish a strong floor that will sustain the uptrend to $500.  While waiting for this to happen, check some of our articles on NFTs and Decentralization.

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.



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