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Binance Coin Price Analysis: BNB spikes to $425, slow reversal to follow?

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  • Binance Coin price analysis is bearish today.
  • BNB/USD saw a substantial advance over the last 24 hours.
  • BNB bulls are likely exhausted. 

Binance Coin price analysis is bearish today as bulls are likely exhausted after a strong advance over the last 24 hours took the market towards $425. Therefore, we expect BNB/USD to retrace some of the gains later today, with the closest support at $385 previous high.

Binance Coin Price Analysis: BNB spikes to $425, slow reversal to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 0.94 and 2.22 percent, respectively. The rest of the top altcoins have seen a similar performance.

Binance Coin price movement in the last 24 hours: Binance Coin returns above $400

BNB/USD traded in a range of $407.47 – $426.03, indicating mild volatility over the last 24 hours. Trading volume has declined by 13.84 percent and totals $1.78 billion, while the total market cap trades around $71.4 billion, ranking the coin in 3rd place overall.

BNB/USD 4-hour chart: BNB exhausted after a strong rally?

On the 4-hour chart, we can see a slowdown in advance over the past hours, indicating that bulls are exhausted.

Binance Coin Price Analysis: BNB spikes to $425, reversal to follow?
BNB/USD 4-hour chart. Source: TradingView

Binance Coin price action has traded in a steady bearish momentum over the past weeks. After the initial drop from $510 on the 7th of September, BNB/USD dropped more than 25 percent, inviting more selling pressure later on.

During the middle of September, BNB consolidated above the $385 support until another break lower was seen on the 20th of September. Initial support was found at $340, with a further drop later last week reaching $320.

However, a slightly higher low was set earlier this week, resulting in a quick spike higher on Wednesday. Over the following 24 hours, bullish momentum continued, eventually leading to a sharp spike higher yesterday and the $425 mark reached overnight.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bearish for today as bulls are likely exhausted after a strong advance over the last 24 hours. Therefore, we expect BNB/USD to retrace some of the gains later today and likely head to retest the previous high at $385 as support.

While waiting for Binance Coin to move further, read our guides on how to create NFT art, NFT marketplaces, as well as Coinbase Wallet review.

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