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Binance Coin (BNB) Price Analysis for May 17

Wed, 05/17/2023 - 16:20
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Denys Serhiichuk
Can Binance Coin (BNB) bounce back soon?
Binance Coin (BNB) Price Analysis for May 17
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Neither buyers nor sellers are dominating today, according to the CoinMarketCap ranking.

Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap


The rate of Binance Coin (BNB) has fallen by 0.67% over the last 24 hours.

BNB/USD chart byTradingView

Image by TradingView

On the hourly chart, the price of Binance Coin (BNB) has made a false breakout of the local support at $307.7. If the daily closure happens far from this mark, the bounce back may continue to the middle of the channel, to $311.

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Such a scenario is relevant until the end of the day.

BNB/USD chart byTradingView

Image by TradingView

On the bigger time frame, the fall has continued after a failed attempt to fix above the resistance at $315.3. If the bar closes below yesterday's low at $309.3, one can expect a sooner test of the nearest support zone around $300.

BNB/BTC chart by TradingView

Image by TradingView

The situation remains the same on the daily chart against Bitcoin (BTC) as the rate keeps accumulating energy for a further sharp move. In this case, ongoing sideways trading in the narrow range of 0.0114-0.0117 is the more likely scenario until the end of the week.

BNB is trading at $308.7 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