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Binance Coin (BNB) Price Analysis for January 5

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Thu, 5/01/2023 - 20:00
Binance Coin (BNB) Price Analysis for January 5
Cover image via www.tradingview.com

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Bulls are trying to seize the initiative by the end of the day as the rates of most of the coins are back in the green zone.

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BNB/USD

The rate of Binance Coin (BNB) has risen by 1% over the past 24 hours.

BNB/USD chart by TradingView

On the hourly chart, the price of Binance Coin (BNB) has begun a sharp rise after the false breakout of the local support level at $255.6. If the candle can close near the resistance at $257.9, there are chances to see an upward move to the $260 zone.

BNB/USD chart by TradingView

On the daily chart, the rate of Binance Coin (BNB) could not keep yesterday's rise. This means that the native exchange coin might need more time to accumulate power for a further move.

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In this case, sideways trading in the narrow range of $255-$258 is the more likely scenario for the upcoming days.

BNB/BTC chart by TradingView

A similar situation can be seen on the daily chart against Bitcoin (BTC). At the moment, one should pay close attention to the important level of $0.01540. If the rate comes back to it, one can expect a further move to the nearest resistance at 0.015609.

BNB is trading at $257.2 at press time.

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