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Binance Coin Price Analysis: We expect BNB/USD to test $570 today

www.cryptopolitan.com 03 November 2021 08:59, UTC
Reading time: ~3 m

  • Binance Coin price analysis is bullish today.
  • BNB/USD set a higher high at $550 overnight.
  • BNB is currently trading at $551.

Binance Coin (BNB) is currently bearish, having broken its previous high of $550 yesterday during a strong rally. BNB/USD is presently weak, implying that the price may retrace over the next 24 hours.

After breaking above $500, Binance Coin (BNB) observed a strong rally which saw it establish its new all-time high of $550. BNB/USD has established a higher low at $500 following this strong rally and is currently trading above this level. As such, the price will probably continue to face downward pressure over the next 24 hours.

BNB seems poised for another solid bullish swing; however, in its present position (above $550) and below the 100-day moving average and upper Ichimoku cloud, we expect the price to retrace downwards towards these levels. If the price fails to break below these levels for an extended period (i.e., 4-5 days), this would indicate that Binance Coin’s(BNB) bullish trend is still intact. For this analysis to be fulfilled, BNB will likely need to break below $500 (i.e., the 100-day moving average) and subsequently establish a lower low before testing its previous high of $550 again.

At present, it is unclear whether cryptocurrency prices are about to experience another bullish rally; however, considering Binance Coin’s (BNB) history as a highly volatile market with solid upward trends, cryptocurrency enthusiasts should keep their eyes on this pair over the next few weeks.

Binance Coin price movement in the last 24 hours: Binance Coin sets higher high at $550 after a strong rally

The Bollinger bands (standard deviation of +2 and -2 on the 20-day moving average) are beginning to tighten, suggesting that the price continues to consolidate within a relatively narrow band. This indicates that Binance Coin’s(BNB) volatility will begin to decrease over the coming weeks; however, this also suggests that it may be less responsive to movement compared with cryptos which experience larger swings in their prices.

As previously indicated, within its current position (in the upper half of its Bollinger bands), we expect Binance Coin’s price momentum to eventually shift downwards towards $500 before testing $550 once again after an extended period. If it breaks below $500 quickly, this will signal that BNB/USD has entered into a definite bearish trend.

Similarly to the above, it is unclear whether cryptocurrency prices are set to experience another bullish rally; however, considering Binance Coin’s (BNB) history as an extremely volatile market with strong upward trends, cryptocurrency enthusiasts should keep their eyes on this pair over the next few weeks.

BNB/USD 4-hour chart: BNB to return below $540?

We can observe Binance Coin price action on the 4-hour chart displaying signs of weakness, with the $540 previous high being tested as support.

BNB/USD 4-hour chart. Source: TradingView

Binance Coin’s price has been on a tear recently, with gains of over 20% recorded in just four days. Last Monday, the $540 barrier was broken for the second time within a week.

After breaking above the psychological barrier of $500, Binance Coin/USD made a strong push higher last night. However, after some consolidation, Binance Coin/USD reversed lower today – to $544 in this case.

However, the Binance Coin price did not continue to rise as it reversed this morning, retracing all of its gains and coming to test the $540 previous high as support. We will most likely see BNB/USD decline further before another push to higher can be attempted.

Binance Coin Price Analysis: Conclusion 

The Binance Coin price decline is bearish today, as the market reached a high of $550 yesterday after a significant rally. As a result, bulls are exhausted, and we anticipate BNB/USD to retreat even further later today.

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.

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