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Binance Coin (BNB) Price Analysis for December 6

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Wed, 6/12/2023 - 18:00
Binance Coin (BNB) Price Analysis for December 6
Cover image via www.tradingview.com

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Bulls are not going to give up so easily, according to CoinStats.

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BNBchart by CoinStats

BNB/USD

Binance Coin (BNB) has not joined the list of rising coins, falling by 0.22%.

Image by TradingView

On the hourly chart, the rate of BNB is trading near the local support after a false breakout of the resistance level of $234.3. If the candle closes near current prices, the drop may continue to $227 tomorrow.

Image by TradingView

On the daily time frame, the price of BNB keeps trading in the middle of the channel, between the support of $224 and the resistance of $238.5. 

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As none of the sides has seized the initiative yet, ongoing sideways trading around $230 is the more likely scenario.

Image by TradingView

On the bigger chart, BNB is rather more bearish than bullish as the rate is near the support of $224. If its breakout happens, there is a chance to see a sharp decline to the $210-$220 zone.

BNB is trading at $229.6 at press time.

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