Binance Coin’s price analysis today is bullish as the USD 470 support has been retested and the bullish momentum has returned in the last few hours. Therefore, we expect BNB/USD to continue rising over the next 24 hours.
The general cryptocurrency market has been trading green for 24 hours. Market leaders Bitcoin and Ethereum were up 4.62% and 2.77%, respectively. Meanwhile, Solana (SOL) became the best with gains above 10%.
Binance Coin Price Movement Over The Last 24 Hours: Binance Coin Turns To Get Support Again At $470
BNB/USD is trading in the $468.20 – $484.87 range, indicating significant volatility over the past 24 hours. Trading volume rose 22.22 percent to $1.37 billion, while the total market cap traded at around $80.8 billion, placing the coin in third place overall.
BNB/USD 4-hour chart: BNB ready to hit above USD 500?
On the 4-hour chart, we see another upward pressure for the price movement of Binance Coin, which is likely to lead to the previous high of USD 500 in the next 24 hours.
The price action of Binance Coin has made great strides in recent weeks. After an initial rally to $450 in the first few days of October, a correction to $395 set a significantly higher bottom.
Since then, BNB/USD has continued to climb to $485, with a further spike to $505 last week.
Yesterday, a slight dip brought Binance Coin’s price action back to the $470, and further declines were again rejected. BNB/USD is starting to rise again today, which should lead to higher growth over the next 24 hours.
Binance Coin Price Analysis: Conclusion
Today’s analysis of Binance Coin’s price is bullish as yesterday’s $470 support prevented a bigger drop, resulting in higher growth today. Therefore, we assume that BNB/USD will continue to rise, with the next target at $500.