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Binance Coin Price Analysis: BNB briefly spikes below $500, sharp reversal incoming?

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  • Binance Coin price analysis is bullish today.
  • BNB/USD dropped over 20 since yesterday.
  • Support was found at $490.

Binance Coin price analysis is bullish today as we expect swift recovery to follow after further downside was sharply rejected once the $490 mark was reached this morning. Therefore, BNB/USD has set a new swing low and is ready to regain some of the loss over the next 24 hours.

Binance Coin Price Analysis: BNB briefly spikes below $500, sharp reversal incoming? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen a strong decline over the last 24 hours. The market leader, Bitcoin, is down by 18.29 percent, while the top altcoins, Ethereum (ETH) and Binance Coin (BNB), dropped around 16 and 15 percent, respectively.

Binance Coin price movement in the last 24 hours: Binance Coin drops 21 percent after being resisted by $630 yesterday

BNB/USD traded in a range of $518.48 – $628.32, indicating strong volatility over the last 24 hours. Trading volume has increased by 112.5 percent, totaling $4.26 billion, while the total market cap trades around $87.8 billion, ranking the coin in 3rd place.

BNB/USD 4-hour chart: BNB rejects downside at $490

On the 4-hour chart, the Binance Coin price action can be seen to reject further downside over the last hours, likely as a new swing low is set.

Binance Coin Price Analysis: BNB briefly spikes below $500, sharp reversal incoming?
BNB/USD 4-hour chart. Source: TradingView

Binance Coin price action has seen bullish momentum over the past weeks after a new major swing low was set at $510 on the 18th of November. After a quick reaction higher, BNB/USD retested the previous all-time high around $660 on the 26th of November.

From there, further higher lows were set while BNB/USD prepared to finally break above the all-time high. However, after a slow move higher at the end of November, a new lower high was set at $650.

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The Binance Coin price started to consolidate as another higher low was formed on Thursday until a quick spike lower took the market to $570 Yesterday. After some initial rejection, further drop followed overnight, leading to the current low at $490 set in the morning.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bullish today as we expect the current rejection for downside to lead to a strong recovery latest today. Likely BNB/USD will move to test previous support around $570 as resistance next.

While waiting for Binance Coin to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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