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Binance Coin (BNB) Price Analysis for May 25

Thu, 05/25/2023 - 18:00
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Denys Serhiichuk
How long is drop of Binance Coin (BNB) going to last?
Binance Coin (BNB) Price Analysis for May 25
Cover image via www.tradingview.com

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The cryptocurrency market is trading sideways as neither bulls nor bears are dominating today.

Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap

BNB/USD

The price of Binance Coin (BNB) is unchanged over the last 24 hours.

BNB/USD chart byTradingView

Image by TradingView

On the local time frame, the rate has made a false breakout of the resistance at $306.4 against increased volume. If the daily bar closes above the $304 mark, the growth may lead to the test of $308-$310 zone tomorrow.

BNB/USD chart byTradingView

Image by TradingView

On the daily chart, the rate of Binance Coin (BNB) has bounced off the support at $302.2. As there are no reversal signals yet, one can expect a sharp drop below the vital $300 zone. Thus, enough energy has been accumulated so far for such a move.

BNB/USD chart byTradingView

Image by TradingView

From the midterm point of view, the rate of Binance Coin (BNB) is trading in the middle of a wide channel, between the support at $281 and the resistance at $350.

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However, if a breakout of the $300 mark happens, the test of the lower level may take place within the next few days.

BNB is trading at $304.9 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.