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Binance Coin (BNB) Price Analysis for January 24

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Wed, 24/01/2024 - 15:46
Binance Coin (BNB) Price Analysis for January 24
Cover image via www.tradingview.com

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Most of the coins are facing a bounce back, according to CoinStats.

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BNB chart by CoinStats

BNB/USD

The price of Binance Coin (BNB) has not joined the rise of other coins, falling by 0.88%.

Image by TradingView

On the hourly chart, the rate of BNB is more bearish than bullish as it failed to fix above the vital zone of $300. If the situation does not change by the end of the day, one can expect a test of the support of $291.3 shortly.

Image by TradingView

A similar picture can be seen on the daily time frame. If the candle closes near the $290 level, the accumulated energy might be enough for a further drop to the $270-$280 zone.

Image by TradingView

From the midterm point of view, traders should pay attention to the weekly bar closure in terms of the $288.8 level.

Related

If it happens near it or below, the correction is likely to continue to the $271.9 mark. Such a scenario is relevant until the end of the week.

BNB is trading at $294.7 at press time.

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