Binance Coin Price Analysis: BNB drops 7 percent, higher low swiftly set at $572

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TL;DR Breakdown

  • Binance Coin price analysis is bullish today.
  • BNB/USD spiked towards previous lows overnight.
  • Higher low set above $570. 

Binance Coin price analysis is bullish today as we expect further recovery after a quick spike towards the previous low, resulting in another higher low set. Therefore, BNB/USD should test upside later today again, likely moving past the $620 local high.

Binance Coin Price Analysis: BNB drops 7 percent, higher low swiftly set at $572 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen mixed results over the last 24 hours. The market leader, Bitcoin, trades with a slight gain of 0.03 percent, while Ethereum is down by just 0.27 percent. Meanwhile, Binance Coin (BNB) is in the green, with a gain of 0.35 percent.

Binance Coin price movement in the last 24 hours: Binance Coin peaks at $620, quickly drops to set another higher low

BNB/USD traded in a range of $575.83 – $621.39, indicating strong volatility over the last 24 hours. Trading volume has declined by 7.13 percent, totaling $2.63 billion, while the total market cap trades around $99.7 billion, ranking the coin in 3rd place overall.

BNB/USD 4-hour chart: BNB starts morning strong

On the 4-hour chart, we can see bullish momentum returning, pushing the Binance Coin price back towards the $600 mark.

Binance Coin Price Analysis: BNB drops 7 percent, higher low set
BNB/USD 4-hour chart. Source: TradingView

Binance Coin saw bullish momentum slowly return over the past 10 days. After previously dropping over 20 percent as bulls could not set further all-time highs, support was found at $510 on the 18th of November.

From there, BNB/USD saw a recovery to $600 by the end of last week. After a slight pause at the beginning of this week, further push higher followed on Thursday, leading BNB back to the $660 major resistance.

The resistance reversed Binance Coin price action again, leading to another higher low set around $570 on Friday. Since then, we have seen an initial recovery to $620 not last for long, leading to another test of downside overnight. However, since another high low was set, we expect BNB/USD to continue pushing higher later today.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bullish today as we saw another higher low set above $570 after a quick drop lower overnight. Therefore, BNB/USD is ready to test upside again, likely leading above the $620 current local high later today. 

While waiting for Binance Coin to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.