- Binance Coin price analysis is bullish today.
- BNB/USD continued higher overnight.
- Next resistance target at $506.
Binance Coin price analysis is bullish now, with more upside anticipated to follow after the last 24-hour’s continuous advance. Next Likely, BNB/USD will come against the $506 significant barrier. Nevertheless, there is more room for BNB/USD to advance before that.
Binance Coin price movement in the last 24 hours: Binance Coin slowly tests further upside
BNB/USD is now above the $500 key resistance level, an intraday barrier since the beginning of July. If the price breaks through this level, the next resistance comes at $506.
BNB/USD has started a new bull run attributed to the positive fundamental news surrounding Binance. On the downside, if the price fails to break through $520 and falls back down, the next support area lies at two short-term bearish trend line that comes at around $480.
However, for now, more upside is on the cards as Binance Coin is predicted to go past $510. Binance Coin is expected to test $520 quite soon. BNB/USD will most likely consolidate just below that level before the next significant push-up.
The current upside momentum is strong, and it’s safe to assume that $506 resistance will come sooner rather than later.
If BNB/USD manages to break above $520, we can expect steady growth towards $540 and probably even higher if the current bullish momentum is strong enough.
BNB/USD 4-hour chart: BNB targets $500 next?
On the 4-hour chart, we can see that Binance Coin’s price is still rising, perhaps reaching $510 today.
BNB/USD 4-hour chart. Source: TradingView
The price of Binance Coin has made a significant recovery throughout this week. Following a series of low lows, BNB/USD finally topped below $415 on January 10th.
Technical indicators are also bullish at the moment. 4-hour’s RSI indicator is at 62, showing that the market momentum is gaining strength. The most recent bar stopped near the 80% level, reflecting bullish momentum.
On the other hand, stochastic on the same chart is still trending north and has not yet reached overbought conditions. This means more upside in BNB/USD can be expected in a while.
Furthermore, looking at this cryptocurrency from a long-term perspective, we can see that $480 seems to have acted as strong support for Binance Coin since its inception and was subject to many bounces.
Binance Coin quickly rallied 20 percent from there, breaking above previous local highs. A modest retracement to $470 established a higher low as bulls were finally beaten down.
Stochastic RSI indicator on 4-hour time frame shows that price momentum is gaining strength. The most recent bar stopped near the 80% level, reflecting a bullish momentum.
Binance Coin Price Analysis: Conclusion
Binance Coin price action looks positive right now, with the current upswing expected to continue later today. The $506 resistance level would be tested over the next 24 hours by BNB/USD.
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