Binance Coin price analysis: BNB/USD rises to $359 but is the bubble about to burst?

Today marks a bullish day for Binance Coin price analysis. Throughout the last week, Binance Coin has mostly traded in the greens and its price seems to increase. But is the bubble about to burst or is there more room for growth? Let us find out!

Crypto heat map
Cryptocurrency heat map by Coin360

A quick look at the heat map shows that the entire market is bullish. Ethereum has marked a significant increase of 7.27 percent while Bitcoin is up by 4.5 percent. Of course, the other coins are also following a similar trend.

1-day Binance Coin price analysis
Binance Coin Price Chart by TradingView

At the same time, the 1-day Binance Coin price analysis shows us that it recently found support at $256.4 after which the price has risen above $350. That is a significant increase of almost $100, which means that investors who timed their purchase right are in great profits.

However, the bubble might be ready to burst as the RSI chart shows a big rise. The gradient is highly positive as the RSI is touching 82. This means that the market is overbought by a big margin and that the bubble is ready to burst. So, it might not be a good time to buy.

Binance Coin 24-hour price movement

1-hour Binance Coin price analysis
Binance Coin Price Chart by TradingView

The 24-hour Binance Coin price analysis gives a somewhat similar trend. The graph is forming higher highs and higher lows over the last 24 hours. So, Binance Coin has gone through an uptrend and now it looks like the bears are slowly catching up. The bubble is just getting ready for a burst.

If we talk about the price movement, Binance Coin marked a 24-hour high at $359 after which it started facing some resistance. It is unlikely that it will go higher than this in the next 24 hours because the market is going to stabilize itself after staying overbought.

Nevertheless, Binance Coin’s market cap increased by 7.50 percent while its trading volume went up by 28.62 percent. Now the bears are ready to pull its price down. But the question is, where will the next support line be? Based on the 1-hour Binance Coin price analysis, we can see good support around $330 but whether it will be short-lived or sustained depends on the market conditions.

4-hour Binance Coin price analysis: Gearing up for a fall?

4-hour Binance Coin price analysis
Binance Coin Price Chart by TradingView

As seen on the 4-hour chart, Binance Coin has reached an RSI value of 75 on the 4-hour chart. This is too high and suggests that the market has stayed overbought for a big chunk of the day. Once the bubble bursts, the price is going to fall, and we might see support between $315 and $330. This is entirely speculative, though.

The growth on the MACD indicator is also becoming stable. Once the bulls have completely run out of their momentum, bears will take over. That is expected to happen soon.

Binance Coin price analysis: Conclusion

Overall, Binance Coin went up the run and the price increased significantly in 24 hours. However, now it looks like the bubble might be ready to burst. So, it is not the best time to invest for short-term gains. However, if you believe in the long-term crypto takeover, then it is not too late. In that case, you might want to DCA into Binance Coin and potentially wait for several months to a year to see some returns.

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.

Source: https://www.cryptopolitan.com/binance-coin-price-analysis-2022-11-04/