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Binance Coin (BNB) Price Analysis for November 2

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Thu, 2/11/2023 - 18:00
Binance Coin (BNB) Price Analysis for November 2
Cover image via www.tradingview.com

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The growth continues on the market, according to CoinStats.

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BNB chart by CoinStats

BNB/USD

The price of Binance Coin (BNB) keeps going up, rising by almost 3%.

Image by TradingView

On the local chart, the rate of BNB is going down after a false breakout of the resistance of $232.7. If the situation does not change by the end of the day, the drop is likely to continue to the $226 zone soon.

Image by TradingView

On the bigger time frame, the rate has almost touched the resistance of $234.8. 

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However, if today's bar closes with a long wick, sellers may get back in the game, which might lead to a correction to $224.

Image by TradingView

On the weekly chart, it is too early to make any predictions. However, if the candle closes around the current prices, one can expect sideways trading in the area of $225-$230 for the next few weeks.

BNB is trading at $230 at press time.

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