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Binance Coin (BNB) Price Analysis for December 19

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Mon, 19/12/2022 - 19:30
Binance Coin (BNB) Price Analysis for December 19
Cover image via www.tradingview.com

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The new week has started with the continued drop of most of the coins.

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Top coins by CoinMarketCap

BNB/USD

Binance Coin (BNB) is the biggest gainer out of the top 10 coins, rising by 1.03% over the past 24 hours.

BNB/USD chart by TradingView

On the hourly chart, the price of Binance Coin (BNB) has bounced off from the local support level of $245.7. Meanwhile, the resistance was fixed at the $252.1 mark. Currently, the price is located in the middle of the channel, which means there are low chances to see any sharp moves until the end of the day.

BNB/USD chart by TradingView

On the bigger chart, the rate of Binance Coin (BNB) is trading within yesterday's candle, accumulating energy for the next move. Sideways trading is also confirmed by the decreasing volume on the daily time frame. At the moment, traders should pay attention to the nearest resistance at $254.6 as its breakout may lead to the test of the $265-$270 zone shortly.

BNB/BTC chart by TradingView

The rate of Binance Coin (BNB) is trading similarly on the daily chart against Bitcoin (BTC) as bulls could not keep the rise going after the test of the 0.015 mark. However, if that happens, the upward move may last until the test of the resistance at 0.015609.

BNB is trading at $247.61 at press time.

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