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Binance Coin Price Analysis: BNB spikes higher, set to break $385 previous high today?

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  • Binance Coin price analysis is bullish today.
  • BNB/USD saw a strong push higher today.
  • Closest resistance at $385.

Binance Coin price analysis is bullish today as the market saw a strong spike higher after a slow decline overnight. Therefore, we expect BNB/USD to continue higher and break the $385 previous high next.

Binance Coin Price Analysis: BNB spikes higher, set to break $385 previous high today? 1
Cryptocurrency heat map. Source: Coin360

The overall market has seen strong bullish momentum over the last 24 hours. The market leader, Bitcoin, is up by 1.28 percent, while Binance Coin has gained 0.95 percent. Meanwhile, Binance Coin (BNB) has seen a strong gain of almost 10 percent.

Binance Coin price movement in the last 24 hours: Binance Coin spikes above $360 after a slow decline

BNB/USD traded in a range of $330.07 – $371.78, indicating substantial volatility over the last 24 hours. Trading volume has increased by 36 percent and totals $1.99 billion, while the total market cap trades around $62.5 billion, ranking the coin in 5th place overall.

BNB/USD 4-hour chart: BNB targets $385 previous high next?

On the 4-hour chart, we can see bulls rapidly pushing the Binance Coin price action higher, with the $385 insights next.

Binance Coin Price Analysis: BNB spikes higher, set to break $385 previous high today?
BNB/USD 4-hour chart. Source: TradingView

Overall, Binance Coin price action has continued to trade in a bearish momentum over the past weeks. After a sharp drop to $385 on the 7th of September, a several-day consolidation followed, with the $440 mark serving a resistance.

Last Monday, Binance Coin broke lower and had seen several lower lows set since, with the last one touching the $320 support on the 26th of September. From there, BNB/USD saw a slight upsurge, which was swallowed by a slow retracement over the past days.

However, as soon as Binance Coin price reached $330, a rejection for any further downside was seen, resulting in a strong spike higher over the past hours, with a higher local high set.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bullish today as a strong spike higher pushed BNB above previous resistance of $360. Therefore, we expect BNB/USD to continue higher and reach the $385 resistance next.

While waiting for Binance Coin to move further, read our guides on NFT Games, CoinJar, as well as Exodus wallet review.

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