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Binance Coin (BNB) Price Analysis for April 12

Wed, 04/12/2023 - 18:15
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Denys Serhiichuk
How long will Binance Coin (BNB) trade sideways?
Binance Coin (BNB) Price Analysis for April 12
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Sellers have again turned out to be more powerful than buyers, according to the CoinMarketCap ranking.

Top coins by CoinMarketCap


Binance Coin (BNB) is one of the biggest losers today, falling by 2.53%.

BNB/USD chart by TradingView

On the hourly time frame, the price of Binance Coin (BNB) has made a false breakout of the resistance level at $321.3. If the closure happens close to the support at $317 and with no long wicks, traders may expect a sharp drop to the $314-$316 area tomorrow.

BNB/USD chart by TradingView

Today's drop has not affected the general technical picture on the bigger chart. As none of the sides has seized the initiative, sideways trading in the narrow range of $315-$325 is the more likely scenario for the next few days.

BNB/USD chart by TradingView

From the midterm point of view, one should pay attention to the crucial zone of $300. Until the rate is above that mark, bulls control the situation on the market. However, BNB might not be ready for growth from the current levels.

Bitcoin (BTC) Price Analysis for April 11

Likewise, the ongoing consolidation in the area of $300-$340 is a more likely scenario until the end of the month.

BNB is trading at $319.4 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at