cryptopolitan.com
- Binance Coin price analysis is bullish today.
- BNB/USD returned above $370 overnight.
- Next resistance at $395.
Binance Coin price analysis is bullish since we anticipate more upside to come after the second test of previous support at $375. Next, BNB/USD will likely be ready to recover and test its previous high of $389.
Binance Coin price movement in the last 24 hours: Bullish reversal?
At the time of writing, the Binance Coin price was about to test a turning point and its major resistance at $395. We can see that it has returned rapidly towards the bullish side. Currently, BNB/USD is trading at $392.20.
After the consolidation between $370 and $250, Binance Coin price analysis will be bullish today. The coin produced a strong upside movement in April, which means it will likely continue to rise when it tests its previous support at $370 again. After the double bottom at $373, we can expect a return towards the previous highs of $395.
Today’s Binance Coin price analysis suggests a strong chance for a bullish movement after it breaks out from the support at $375. Our analysis says that it will likely continue its uptrend until it tests $400.
After a short period between $360 and $389, the Binance Coin price has been consolidating for about a month. However, the strong downtrend resistance line is much lower now at around $300, which means it will take more time to create another consolidation zone. Once the break-out happens, we can expect a return towards its highs since it will be on strong bullish momentum.
Today’s Binance Coin price analysis suggests that the coin will likely continue its uptrend since it broke out from the support at $370. Our analysis says that it will likely return to around $380 but only before the next leg up, which will take it to $400.
BNB/USD 4-hour chart: Bulls painting higher highs
The RSI is still in the oversold zone, which will produce negative momentum when it moves above 43. The bulls need to break out from this level to make a new attempt to reach the highs at $400.
After consolidating for more than a month, the Binance Coin price will continue its uptrend since it cleared the support at $300. When it breaks out from $385, our analysis says that the BNB/USD will likely return to its previous highs at around $400.
The MACD line has crossed over the red signal line, which means the buyers outnumber the sellers. In addition, the green histograms are more and taller than the red ones signaling bull pull.
The chart above shows a likelihood of Binance Coin’s price spiking to $400 soon. In addition, both moving averages 50 and 100 are above the price bars, which means we will see a bullish trend.
Binance Coin Price Analysis: Conclusion
Binance Coin price analysis is bullish today. BNB/USD is above its major resistance at $395 after producing a second bottom at the same price level. It went up as high as $393 before facing resistance and stopped there for some time. Will it go further?
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.