- Binance Coin price analysis is bullish today.
- BNB/USD is currently trading at $560.
- Support was found at $490.
Binance Coin price analysis is bullish today, as we anticipate a quick recovery following another downswing that was powerfully repelled once the $490 mark was broken this morning. Consequently, BNB/USD has established a new swing low and is poised to recoup some of its loss in the next 24 hours.
Binance Coin price movement in the last 24 hours: Binance Coin drops 21 percent after being resisted by $630 yesterday
The daily chart shows that investors are standing by ready to jump on board this rare opportunity for an entry; however, it is important to highlight that there has been no significant change in either candlestick size or length throughout the past couple of days which suggests that participants might be treating this market with caution.
As such, any attempt made will likely be met with stiff resistance, and we will more than likely see a retest of the $600 area if and only if 100 SMA crosses above 200 SMA to indicate that buyers are gaining control of the market.
Binance Coin Technical Analysis (BNB/USD) Using the daily chart, it is clear that Binance Coin price analysis has gained some momentum as bulls push prices past our immediate resistance at $545, which lies just below the upper BB. As the graph above shows, BNB/USD slid down to test support at $490 but was well defended against another sell-off towards our key support area between 3100-2700 Satoshis. At the time of writing, the market is trying to break above $570. However, it may find stiff resistance at $600.
BNB/USD 4-hour chart: BNB rejects downside at $490
The Binance Coin price action on the 4-hour chart appears to repel further downturn over the previous hours, most likely as a new swing low is established.
The Binance Coin price action has been in a strong upward trend for the past few weeks, with a fresh major swing low set at $510 on November 18th. After a fast reaction higher, BNB/USD approached the all-time high of $660 on November 26th.
The 100 SMA is below the 200 SMA, which suggests that the path of least resistance is to the downside or that sellers control price action. If the bulls can muster enough strength to push prices above $600, we could see a retest of the previous highs near $650-680.
RSI (relative strength index) looks like it’s about to cross over into bullish territory, which suggests that buyers are starting to take over control from sellers. Stochastic is also heading north, so there might be some buying pressure left for BNB/USD at this point.
As the Binance Coin price consolidated, another higher low was formed on Thursday until a rapid drop sent the market to $570 on Monday. Overnight, there was some initial resistance followed by additional selling, resulting in the current low of $490 set at dawn today.
Binance Coin Price Analysis: Conclusion
The Binance Coin price analysis is bullish today, as we anticipate the current sell-off to result in a strong recovery later today. As resistance comes next, BNB/USD will likely attempt to break through previous barriers at $600.