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Binance Coin (BNB) Price Analysis for November 29

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Wed, 29/11/2023 - 15:09
Binance Coin (BNB) Price Analysis for November 29
Cover image via www.tradingview.com

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The prices of most of the coins have managed to resume a bullish trend today.

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BNB/USD

The rate of Binance Coin (BNB) has risen by 0.30% over the last 24 hours.

Image by TradingView

On the hourly chart, the price of BNB has made a false breakout of the local support of $228. However, the rate has not bounced far from that mark.

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If the daily bar closes near it, there is a chance to see a breakout, followed by a further decline to the $227 area.

Image by TradingView

On the bigger time frame, the situation is also more bearish than bullish as the price has failed to keep the rise going after yesterday's bullish closure. In this case, a decline to the support of $224 is the more likely scenario for the next few days.

Image by TradingView

From the midterm point of view, one should focus on the weekly bar closure in terms of the previous candle low of $224. If it happens far from that mark, there is a chance to see a correction to the $240 area soon.

BNB is trading at $228.3 at press time.

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