Binance Coin (BNB) Price Analysis for October 22

Price Analysis
Sun, 10/22/2023 - 15:23
Cover image via www.tradingview.com
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The week is ending bullish as most of the coins are in the green zone.

Top coins by CoinMarketCap

BNB/USD

The rate of Binance Coin (BNB) has increased by 1% since yesterday. Over the last week, the price has risen by 2.65%.

Image by TradingView

On the hourly chart, the price of BNB might have found a local support level at $213.6. If the daily candle closes in the middle of the channel, the rise may continue to the resistance of $216.3 tomorrow.

Image by TradingView

A less clear picture is on the daily time frame as the price is far from the main levels. 

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Buyers might only start thinking about a midterm bullish trend if the rate returns to the $220 zone and fixes above it.

Image by TradingView

From the midterm point of view, the candle is about to close bullish even though it is far from the resistance of $221.3. If a breakout of that mark happens, the upward move may lead to a test of the $230 zone.

BNB is trading at $214.8 at press time.