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Binance Coin (BNB) Price Analysis for October 17

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Tue, 17/10/2023 - 16:10
Binance Coin (BNB) Price Analysis for October 17
Cover image via www.tradingview.com

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The market is slightly coming back to red; however, there are some exceptions to the rule.

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BNB/USD

The rate of Binance Coin (BNB) has declined by 1.32% over the last 24 hours.

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Image by TradingView

On the hourly chart, the price of BNB has set a local support level of $209. Even though bears are more powerful than bulls, there are low chances of seeing a further drop as most of the daily ATR has passed.

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In this regard, sideways trading in the area of $210-$213 is the more likely scenario until tomorrow.

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Today's fall has not affected the overall technical picture of BNB on the daily time frame. The rate keeps trading sideways, gaining energy for a further sharp move. Buyers may start thinking about a possible reversal only if the price gets back to the $220 mark and fixes above it.

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A similar situation can be seen on the weekly chart. Here one should focus on the bar closure. If it happens far from the resistance, a narrow consolidation is likely to continue next week.

BNB is trading at $212.5 at press time.

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