Binance Coin Price Analysis: BNB prepares to break above $525?

TL;DR Breakdown

• Binance Coin price analysis is bullish today.
• BNB/USD moved to $528 late yesterday.
• Slight reaction lower seen since.

Binance Coin price analysis is bullish today as we expect another attempt to break higher to follow. Likely, BNB/USD has retraced enough over the past hours to spike higher and begin retracing the sharp loss seen earlier this week.

The cryptocurrency market has seen bullish momentum return over the last 24 hours. The market leader, Bitcoin, has gained 0.35 percent, while Ethereum 1.01 percent. Meanwhile, Binance Coin (BNB) trades with a modest 1.23 percent gain.

Binance Coin price movement in the last 24 hours: Binance Coin rallies back to previous resistance

BNB/USD traded in a range of $516.51 – $527.41, indicating substantial volatility over the last 24 hours. Trading volume has declined by 15.28 percent, totaling $1.44 billion, while the total market cap trades around $87.37 billion, ranking the coin in 3rd place overall.

BNB/USD 4-hour chart: BNB looks to break higher?

On the 4-hour chart, we can see the Binance Coin price action currently looking to spike higher after a slight reaction lower from the current resistance was seen earlier today.

Binance Coin price action has seen a sharp reversal this week. After a series of higher highs and lows last week took BNB/USD to a new major swing high at $570 on the 27th of December, an immediate reaction lower followed.

Bears quickly broke past previous lows, indicating a shift in market sentiment back to being bearish. Over the next days, the selloff continued until support at $510 stopped the decline once more.

From there, the Binance Coin price started to consolidate, with the $525 mark acting as a local resistance. After more tests of both upside and downside, BNB/USD has remained below the $525 resistance, with the last push higher seen late yesterday.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bullish today as another higher local low has been set around $520 after a brief reaction from the $525 resistance. Therefore, BNB/USD will likely look to break higher by the end of the day or experience another drop to $510 support.

While waiting for Binance Coin to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.