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Binance Coin (BNB) Price Analysis for January 20

Fri, 01/20/2023 - 15:50
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Denys Serhiichuk
Can traders expect imminent growth of Binance Coin (BNB)?
Binance Coin (BNB) Price Analysis for January 20
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Bulls are trying to hold the gained initiative as most of the coins are in the green zone.

Top 10 coins by CoinMarketCap

BNB/USD

Binance Coin (BNB) could not join the list of rising coins, falling by 0.44%.

BNB/USD chart byTradingView

On the hourly chart, the price has found local support at $286.6. If the slight growth continues and the price comes back to the $290 mark, there are chances to see the test of the resistance at $295.5 shortly.

BNB/USD chart byTradingView

On the daily time frame, Binance Coin (BNB) remains bullish despite the slight correction today. Buyers will keep controlling the initiative until the price is above the support at $286.6.

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However, it is too early to think about the sharp rise as the native exchange coin needs more time to accumulate power. All in all, the more likely scenario is sideways trading in the range of $290-$300.

BNB/BTC chart by TradingView

On the daily chart against Bitcoin (BTC), the situation remains bearish. Currently, the rate has come back to the support level of 0.013679. If closure happens near it, the breakout may lead to a sharp drop to the 0.0013228 mark.

Binance Coin is trading at $289.17 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.