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Binance Coin (BNB) Price Analysis for January 17

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Wed, 17/01/2024 - 15:25
Binance Coin (BNB) Price Analysis for January 17
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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The market is mainly trading sideways as the prices of some coins are rising while others are falling.

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BNB/USD

The rate of Binance Coin (BNB) has fallen by 1.15% over the last 24 hours.

Image by TradingView

On the hourly chart, the price of BNB is in the middle of the local channel, accumulating energy for a further move. This means that neither bulls nor bears have seized the initiative yet. 

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In this case, ongoing sideways trading in the area of $310-$315 is the more likely scenario.

Image by TradingView

A similar picture can be seen on the daily time frame. The volume has declined, which means there are low chances for ups or downs. Likewise, traders are likely to witness a consolidation between $300 and $330 by the end of the week.

Image by TradingView

From the midterm point of view, one should pay attention to the weekly bar closure in terms of the last candle peak. If it happens above $320, the rise may continue to the resistance of $338 soon.

BNB is trading at $312.7 at press time.

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