Binance Coin Price Analysis — November 1

Amid a quiet trading session on Monday, BNB recorded a 5% intraday rally and touched its highest point since May 17 at $543. This jump comes amid a three-day consolidation between the $540 and $510 level last weekend. That said, the third-largest cryptocurrency currently trades within an ascending channel, indicating that more upsides are likely in the near term. A retest and break above the $540 level (following the recent mild correction to $535) could consolidate the bullish bias and push the price towards $580 in the coming days. On the other hand, we could see a fall back onto the $540 - $510 consolidation range if bulls fail to retake the $540 line.

Meanwhile, my resistance levels are $540, $560, and $580, and my support levels are $520, $500, and $488.

Total Market Capitalization: $2.62 trillion

Binance Coin Market Capitalization: $89.4 billion

Binance Coin Dominance: 3.42%

Market Rank: #3