Binance Coin (BNB) Rate Analysis: Will the Bulls Take Control?

Binance Coin (BNB) rate analysis and future predictions

Posted 7 months ago in Market Analysis


Binance Coin (BNB) Rate Analysis

Bulls are trying to hold the gained initiative as most of the coins are in the green zone by the end of the day.

On the local chart, the rate of Binance Coin (BNB) is in the middle of the channel, gaining energy for a further move. As most of the daily ATR has been passed, there are low chances of seeing high volatility today. In this case, sideways trading in the area of $217-$219 is the more likely scenario until tomorrow.

On the bigger time frame, the situation is similar, as the rate remains far from key levels. If buyers want to get back in the game, they need to restore the price above the closest resistance of $221.7. Only in that case can one expect a possible bull run.

On the daily chart against Bitcoin (BTC), Binance Coin (BNB) is looking bearish as the rate is again testing the support level of 0.007943. If the bar closes near it, the breakout may lead to the test of 0.007873 soon.

BNB is trading at $217.9 at press time.

Last updated 9/20/2023, 2:18:55 AM

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