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Binance Coin (BNB) Price Analysis for April 26

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Wed, 26/04/2023 - 18:00
Binance Coin (BNB) Price Analysis for April 26
Cover image via www.tradingview.com

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The correction may have ended on the cryptocurrency market, according to the CoinMarketCap ranking.

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Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap

BNB/USD

The rate of Binance Coin (BNB) has increased by 3.49% over the last 24 hours.

BNB/USD chart byTradingView

Image by TradingView

On the local chart, the rate of BNB has broken the resistance at $339.7. Currently, one should pay attention to whether buyers can hold the gained initiative and hold the price above that mark.

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If they manage to do that, the rise may lead to the test of the $350 zone tomorrow.

BNB/USD chart byTradingView

Image by TradingView

On the bigger time frame, the price is getting back to the recently formed resistance level at $350. If today's closure happens with no long wicks, there is an opportunity to see a test of the mentioned mark soon.

BNB/BTC chart by TradingView

Image by TradingView

The completely opposite picture can be seen on the daily chart against Bitcoin (BTC). The price has stayed low after the false breakout of the resistance at 0.012068. As there are no reversal signals yet, the decline may continue to the nearest important zone around 0.011. Such a scenario is relevant until the end of the month.

BNB is trading at $341.3 at press time.

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