Binance Coin Price Analysis: BNB sets higher high at $626, another swift retracement to follow?

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TL;DR Breakdown

  • Binance Coin price analysis is bearish today.
  • BNB/USD saw a strong upsurge towards $630 resistance today.
  • Further upside is currently rejected.

Binance Coin price analysis is bearish today as we expect another retracement to follow after a higher high set today. Likely BNB/USD is not yet ready to reach further upside and another retracement that sets a higher low is needed.

Binance Coin Price Analysis: BNB sets higher high at $626, another swift retracement to follow? 1
Cryptocurrency heat map. Source: Coin360

The market has seen bullish momentum return overall. Bitcoin gained 4.81 percent, while Ethereum 5.78 percent. Meanwhile, Binance Coin (BNB) follows with a gain of 3.71 percent.

Binance Coin price movement in the last 24 hours: Binance Coin sets higher high after strong bullish momentum overnight

BNB/USD traded in a range of $574.98 – $624.65, indicating substantial volatility over the last 24 hours. Trading volume has declined by just 1.3 percent, totaling $2.57 billion, while the total market cap trades around $102.67 billion, ranking the coin in 3rd place.

BNB/USD 4-hour chart: Rejects further upside at $626, 

On the 4-hour chart, we can see the Ripple price action currently looking to reverse again as further upside is rejected after a strong rally earlier today.

Binance Coin Price Analysis: BNB sets higher high at $626, another retracement to follow?
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.

From there, BNB/USD quickly reacted higher on the 19th of October, reaching the $600 mark. After a slight pause later in the week, BNB continued higher until the $660 mark was almost reached again by the 26th of October.

Since then, we have seen a strong spike lower set another higher low at $570. The Binance Coin price has since set further local higher low and high, indicating bullish momentum slowly preparing for another attempt to break the all-time high resistance around $660-$670.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bearish for today as we expect another retracement that sets a higher low to follow over the next 24 hours. Therefore, BNB/USD has set another higher high, with more preparation needed before further upside can be tested.

Source: cryptopolitan.com

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