Binance Coin Price Prediction: Signs of correction to the $459 region

Binance Coin price was rejected at 470 and the coin is now bearish as buyers prepare to consolidate enough strength to counter rejection.
Binance Coin price was rejected at 470 and the coin is now bearish as buyers prepare to consolidate enough strength to counter rejection.

BNB/USD Price Prediction Summary

  • Binance Coin price has lost 1.8% in the last 24-hours.
  • The bears put up a strong show and defended the $470 resistance
  • During press time, the Binance coin is trading at $468

Binance Coin has lost 1.8% in the last 24-hours after a fortnight characterized by strong bearish momentum and exhausted bulls. This comes only a day after the exchange token tested the $470 zone and attempted to rise towards $500. 

The bears put up a strong show and defended the $470 resistance, which prevented further downsides across the BNB/USD chart. Today, we expect the coin to correct slightly lower and consolidate more strength to overcome the upper resistance. 

According to the most recent cryptocurrency heatmap, the market is trading with mixed results. The majority of the altcoins are in the red zone, including the market leader Bitcoin, which has lost over 1.55%. Dogecoin turned out to be the worst performer in the last 24-hours after posting a loss of 4.96%. Ethereum and a few more coins such as Tron, ICP, and Solana gained over 1.5% value. 

Binance coin price prediction
Cryptocurrency heatmap by Coin360

Binance Coin Price Prediction on the 24-hour Chart

During press time, the Binance coin is trading at $468, which marks the previous support level. The bulls are trying to regain their strength around this level and counter any bearish pressure that would lead to a downside. The daily range between the intraday low and intraday high lies between $467 – $468. Trading volume has already gone down by 29% to a $1.75 billion. 

The majority of the technical indicators are pointing towards the bullish direction, and therefore we should anticipate a medium-term upward correction that will propel BNB to $500. 

Binance coin price prediction
BNBUSDT Chart by TradingView

Binance Coin price action has been extremely strong throughout October. On the second of October, BNB/USD rose to its highest level in six days, reaching $440.

On the seventh of October, a sideways consolidation ensued, with somewhat higher highs and lower lows until the $450 mark was reached. BNB/USD then experienced a significant retracement of 12 percent to the $391 level.

On Tuesday, the price of Binance Coin rose again to $480 within a day after having established a significantly higher high on Monday. After departing from $460 yesterday for a while, bullish momentum was sustained throughout the night, bringing BNB/USD back toward its previous high during the last several hours.

Binance Coin Price Prediction Conclusion

Binance Coin’s price is bearish today due to strong rejection at $470. We fear that the bulls might not be able to sustain a strong consolidation against the resistance and the price of BNB could drop slightly downwards to build a solid base first.