Binance Coin Price Analysis: BNB continues higher, tests $496

TL;DR Breakdown

  • Binance Coin price analysis is bullish today.
  • BNB/USD continued higher overnight.
  • Next resistance target at $506.

Binance Coin price analysis is bullish today as we expect more upside to follow after continuous advance over the last 24 hours. Likely BNB/USD will reach towards the $506 major resistance next.

Binance Coin Price Analysis: BNB continues higher, tests $496 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen bullish momentum return over the last 24 hours. The market leaders, Bitcoin and Ethereum, both are in the green, with a gain of 0.79 and 1.53 percent. Meanwhile, Binance Coin (BNB) leads, with almost a 2 percent gain.

Binance Coin price movement in the last 24 hours: Binance Coin slowly tests further upside

BNB/USD traded in a range of $468.94 – $495.73, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 47.6 percent, totaling $2.28 billion. Meanwhile, the total market cap trades around $82 billion, ranking the coin in 3rd place overall.

BNB/USD 4-hour chart: BNB targets $500 next?

On the 4-hour chart, we can see the Binance Coin price still advancing higher, likely leading to the $500 mark reached today.

Binance Coin Price Analysis: BNB continues higher, tests $496
BNB/USD 4-hour chart. Source: TradingView

Binance Coin price action has seen a strong recovery this week. After previously setting a series of lower lows, BNB/USD finally peaked below $415 on the 10th of January.

From there, BNB quickly rallied 20 percent, breaking above previous local highs. Over the next days, a slow retracement to $470 set a higher low as bulls were finally exhausted.

However, late yesterday, the Binance Coin price action resumed moving higher, with another higher high set late in the day. Overnight, BNB/USD slowly traded higher, indicating more upside will likely follow later today.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bullish today as we expect the current upswing to continue later today. BNB/USD should test the $506 next resistance over the next 24 hours.

While waiting for Binance Coin to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.

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