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Binance Coin (BNB) Price Analysis for November 12

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Sat, 12/11/2022 - 22:00
Binance Coin (BNB) Price Analysis for November 12
Cover image via www.tradingview.com

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Bulls could not seize the initiative on the first day of the weekend.

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BNB/USD

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.

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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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