Binance Coin Price Analysis: BNB breaks above $460, next target $510?

TL;DR Breakdown

  • Binance Coin price analysis is bullish today.
  • BNB/USD broke above $460 after slight retracement yesterday.
  • Closest resistance at $510.

Binance Coin price analysis is bullish today as previous resistance at $460 was broken today, sending BNB higher. Therefore, we expect BNB/USD to continue moving higher over the next 24 hours.

Binance Coin Price Analysis: BNB breaks above $460, next target $510? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours. Market leaders, Bitcoin and Ethereum, are up by 4.96 and 5.27 percent, respectively. Meanwhile, Binance Coin has gained around 5 percent.

Binance Coin price movement in the last 24 hours: Binance Coin breaks $460, continue higher

BNB/USD traded in a range of $449.72 – $479.69, indicating strong volatility over the last 24 hours. Trading volume has declined by 37.92 percent and totals $3.38 billion, while the total market capitalization trades around $80.59 billion, ranking the coin in 3rd place overall.

BNB/USD 4-hour chart: BNB to continue higher?

On the 4-hour chart, we can see bullish momentum still strong, indicating we will see further upside today.

Binance Coin Price Analysis: BNB breaks above $460, next target $510?
BNB/USD 4-hour chart. Source: TradingView

Binance Coin price action has seen strong bullish momentum over the past weeks. After a strong rally higher began on the 1st of October, BNB/USD reached a new high at $450.

After some retracement late last week, BNB established a higher low, around $395, before spiking higher again on Tuesday. The previous swing high was broken, leading BNB to the next resistance at $460.

A slight reaction was seen from there, sending Binance Coin to retest the $440 previous swing high resistance as support. Any further downside was not seen yesterday, leading BNB/USD back to a bullish momentum over the last 24 hours.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bullish as new highs were reached earlier today after a break above the $460 resistance. Therefore, we expect BNB/USD to continue rallying and target the next resistance at $510 later this week.

While waiting for Binance Coin to move further, read our guides on Best NFT marketplaces, NFT history and development, as well as NFT Music.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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