Binance Coin price action tests $516, corrects slightly lower

Overbought conditions across the weekly Binance Coin chart have been improving with buyers averting an imminent death cross. Accumulation is rising on the hourly chart suggesting heightening buying pressure. However, the 4-day surge that saw BNB wade away from a danger zone could be fading off and inviting more sellers into the market between $480 – $500. During press time, the Binance coin is trading at $484 and attempting to push the price towards a higher daily high above $485.

Cryptocurrency Heatmap by Coin360

The above cryptocurrency heatmap generated by Coin360 shows a generally bearish market with the majority of the coins painted red apart from Solana, Vechain, Avalanche, and Polkadot. Bitcoin dropped by 3.56 percent, while Ethereum lost 1.02 percent. Solana is emerging once again as the best performer of the day with a 7 percent gain. 

Binance Coin Price Prediction on the 1-day Chart

According to today’s Binance Coin price prediction, the BNB/USD trading pair opened the 1-day chart at $470. The opening price is also the daily low, thereby translating into a slightly bullish chart that suggests chances of further upsides. On the 1-day candlesticks, the price of Binance Coin has been fluctuating within a moderate range starting from $470 to the intraday high of $484. The 24-hour trading volume went up by 24 percent to a total of $2.94 billion, while the total market capitalization dropped by 0.55 percent to $81 billion.

Binance Coin Hourly Chart

Bulls have gained strong momentum on the 1-hour chart after extending the daily high to $490. However, the price retraced slightly lower across a few red candles. Nonetheless, we are still anticipating the price of the exchange token to hold support above $488 and dash towards the $495 level. 

BNBUSDT chart by TradingView

The weekly high for the coin still stands at $516. Therefore, the bulls are focused on breaking above this level as their aim for an upper target of $520 in the upcoming sessions. 

The price of Binance Coin has been on an uptrend since October started and has already undergone a 55 percent increase from its September swing low of $320 to a swing high of $516.

Rapid price movements took place across the market resulting in significant gains which saw the coin break resistance after resistance. For the past 4 days, Binance Coin has surged and stabilized support above $470.

Binance Price Prediction Conclusion

Today’s Binance Coin price prediction is bullish as buyers advocate for higher gains in order to neutralize any selling pressure that could revert the price back to the danger zone. We are therefore expecting further upsides on the price of the BNB/USD pair in the next 24-hours.