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Binance Coin (BNB) Price Analysis for October 6

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Fri, 6/10/2023 - 18:00
Binance Coin (BNB) Price Analysis for October 6
Cover image via www.tradingview.com

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There is no one-way trend on the cryptocurrency market, according to CoinStats.

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BNB chart by CoinStats

BNB/USD

The rate of Binance Coin (BNB) has fallen by 0.20% over the last 24 hours.

Image by TradingView

On the hourly chart, the rate of BNB is in the middle of the local channel, between the support of $210.2 and the resistance of $212.6. 

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As most of the daily ATR has been passed, ongoing consolidation in the area of $211-$212 is the more likely scenario until tomorrow.

Image by TradingView

A less clear picture can be seen on the daily time frame. Even if the bar closes in the red zone, the price of BNB has not accumulated enough energy for further growth. If bulls want to seize the initiative, they need to restore the rate above the $220 area.

Image by TradingView

On the weekly chart, the rate of Binance Coin (BNB) has not kept rising after the previous bullish candle. But if the bar closes near the $206 mark, there is a good chance of seeing a support breakout, followed by a blast to the $200 area and below.

BNB is trading at $212.3 at press time.

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