BNB sets higher high at $592, as bulls attempt to recover losses

TL;DR Breakdown

  • Binance Coin price analysis is bearish today.
  • BNB/USD set higher low at $592
  • Previous high currently tested.

Binance Coin price analysis is bearish today, with another test of the downside expected after both a higher low and lower high were established in the previous 24 hours. As a result, BNB/USD will most likely decline again to continue establishing higher lows in an increasingly close consolidation.

Cryptocurrency heat map. Source: Coin360

The overall market saw some bullish momentum return over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 4.38% and 5.35%, respectively. Meanwhile, Hex (HEX) is still the top performer, with a gain of over 12 per cent.

Binance Coin price movement in the last 24 hours: Binance Coin sets higher low at $592, moves to testing previous highs

The price of BNB/USD has been trading in a range of $579.16 to $592.36 over the last 24 hours, suggesting moderate volatility during that time period. Trading volume has decreased by 4%, and there is now $1.99 billion worth of transactions, with an overall market cap of around $104 billion.

BNB/USD 4-hour chart: BNB looks to move lower after another lower high set

On the 4-hour chart, we can observe that the Binance Coin price is moving back toward prior local highs, most likely resulting in another selloff later today.Binance Coin Price Analysis: BNB sets higher high at $592, as bulls attempt to recover losses 2BNB/USD 4-hour chart. Source: TradingView

Binance Coin (BNB) has enjoyed a significant price advance over the last few weeks. On October 27th, after a brief drop to $440, there was a strong reversal that brought the price up to $540.

From there, BNB/USD gained ground throughout November and early December, reaching a new high of $668 on the 7th of November. The following days saw a decline in bullish momentum, resulting in a retracement.

On November 10, a major drop happened, bringing the Binance Coin price to $570 for a few minutes. Following this, there was an upswing, with consolidation in an ever tighter range remaining as a foundation for reversal. The last higher low occurred at $600.)

Binance Coin Price Analysis: Conclusion 

The Binance Coin price analysis is bearish today, as we anticipate another depreciation after a retest of prior highs. We expect BNB/USD to head back towards $600 in order to establish another higher low above it.

While waiting for Binance Coin to move further, read our guides on NFT tokens, Gemini Exchange Review, and Sunacrip

Disclaimer. The information provided is not trading advice. 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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