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Binance Coin (BNB) Price Analysis for April 12

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Wed, 12/04/2023 - 18:15
Binance Coin (BNB) Price Analysis for April 12
Cover image via www.tradingview.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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Sellers have again turned out to be more powerful than buyers, according to the CoinMarketCap ranking.

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Top coins by CoinMarketCap

BNB/USD

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.

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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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