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Binance Coin (BNB) Price Analysis for November 12

Sat, 11/12/2022 - 22:00
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Denys Serhiichuk
Does Binance Coin (BNB) have power for short-term reversal?
Binance Coin (BNB) Price Analysis for November 12
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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 could not seize the initiative on the first day of the weekend.

Top coins by CoinMarketCap


Binance Coin (BNB) has followed the decline of most of the other coins, falling by 5.18%.

BNB/USD chart by TradingView

On the hourly chart, the day has started with a sharp rise formed by the false breakout of the local support level at $271.6. However, bulls could not seize the initiative for a long time as the price is now in the middle of the channel.

XRP and BNB Price Analysis for November 11

All in all, the chance to see any sharp moves today is quite low as the daily ATR (average true range) is almost passed.

BNB/USD chart by TradingView

On the bigger time frame, the situation is different as the price has made a false breakout of yesterday's low at $279. If buyers can hold the rate above that mark, a short-term rise to the $300 zone is possible. However, that should be considered a correction and not a bullish reversal.

BNB/USD chart by TradingView

On the weekly chart, Binance Coin (BNB) has almost tested the interim support level at $256.7 once again. If a bounce back does happen this time, the next approach to that mark may generate a sharp decline to $200 and even below.

BNB is trading at $280.8 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