in

BNB/USD rallies to $489, before retracing to $485

Cryptopolitan


TL;DR Breakdown

  • Today’s Binance Coin price analysis suggests bullish signals
  • BNB/USD pair traded within a wide daily range between $473 – $489.76
  • BNB rallied to $489 in the early morning session

Binance Coin Price Analysis: General price overview 

Today’s Binance Coin price analysis suggests bullish signals for the next 24 hours after breaching resistance at $479 to a daily high of $489. Therefore, the exchange token will record high upsides in the course of the day as long as the bulls sustain the $480 support. 

The general virtual currencies market traded with mixed signals over the last 24 hours as both bears and bulls engaged in a tight tug fight on who to control the market. Leading cryptos, Bitcoin, dropped by 1.24  percent, while Ethereum gained 1.20 percent. Solana (SOL) emerged as the best performer of the day with a record gain of 21 percent. 

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

According to our daily Binance Coin price analysis, BNB/USD pair traded within a wide daily range between $473 – $489.76, therefore suggesting high volatility across the daily Binance Coin market. The total Binance Coin trading volume has decreased by 24.12 percent and totals $1.98 billion, while the total BNB capitalization sits at $81.24 billion, ranking the coin at position #4 overall.

BNB/USD 4-hour chart: BNB prepares for another rally?

On the 4-hour BNB/USD price analysis chart, Binance Coin seems to be closely bullish as buyers prepare to overcome a barrier at $485 and set another daily high past $490. 

Source: TradingView

Binance Coin price analysis is positive today after the altcoin set a higher low in the last 24 hours. Overall, BNB/USD trading pair gained approximately 120 percent over the past 4-weeks from a July 20  swing low of $255 to the current swing high at $519. 

The previous swing high was breached by bearish forces that saw the price correct back to $460 on the 29th of August. The general market turned bullish yesterday, and we hope that the BNB market will respond positively and gain momentum in the course of next week. 

Nonetheless, after a strong rally early yesterday, bulls felt exhausted after recording a strong rally in the early morning hours of yesterday’s session. As a result, the coin could not cap further upsides beyond the $500.  Binance Coin  price action has managed to find strong support at $480, upon which the bulls could rally to the $510 support in the course of the next 24 hours.  

Binance Coin Price Analysis: Conclusion 

Our Binance Coin price analysis is indicating  bullish signals for the day as a slightly higher low was set overnight following a rapid spike to the $480 region. The bulls have regained control today, and we expect the choppiness to drop and witness a strong uninterrupted BNB/USD rally. 

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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