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- Binance Coin price analysis is bearish today.
- BNB/USD saw a strong upsurge towards $630 resistance today.
- Further upside is currently rejected.
Binance Coin’s price is bearish today, as we anticipate another retracement following a higher high established earlier. The most likely BNB/USD is not yet ready to rise further and another retracement that establishes a higher low is required.
Cryptocurrency heat map. Source: Coin360
According to Coin360 market data, the cryptocurrency market is trading with mixed results. Bitcoin has lost 0.37 percent, while Ethereum has gained 4.52 percent. However, the losses on the red bars are small or negligible, not weighing more than 2 percent.
Binance Coin price movement in the last 24 hours: Binance Coin sets higher high after strong bullish momentum overnight
The price of Binance Coin fluctuated within a range of $602.98 to $635.65 during the last 24 hours, suggesting a moderate amount of volatility. Trading volume has dropped by just 1.3 percent, totalling $2.57 billion, with the overall market capitalization currently at $119.97 billion.
The Chaikin Money Flow indicator is in a weak buy mode, suggesting that there is little buying pressure in the market at the moment. The Relative Strength Index (RSI) has also turned bearish and is currently indicating oversold conditions.
BNB/USD 4-hour chart: Rejects further upside at $635,
On the 4-hour chart, we see that the Ripple price is attempting to reverse yet again after a strong rally earlier today.
BNB/USD 4-hour chart. Source: TradingView
Binance Coin price has seen a strong recovery over the past weeks after a strong drop from the $660 previous highs resulted in a loss of over 20 percent to the $510 mark.
On the 19th of October, BNB/USD jumped to $600 from $500 in a single day. After a little pause on the following week, BNB continued to rise until it almost reached the $660 level again on the 26th of October.
The Binance Coin price has since established several minor local highs and lows, suggesting that bullish momentum is building for another attempt to break the all-time high resistance around $660-$670.
Binance Coin Price Analysis: Conclusion
Binance Coin is in a bearish trend as it looks set to make another retrace, which will establish a lower low over the coming 24 hours. As a result, BNB/USD has established another higher high; additional development is required before further rises can be attempted.
While waiting for Solana to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.