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Binance Coin (BNB) Price Analysis for October 7

Fri, 10/07/2022 - 14:35
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Denys Serhiichuk
How great are chances to see rise of Binance Coin (BNB) against neutral market?
Binance Coin (BNB) Price Analysis for October 7
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The bears are back in the game as all coins from the top 10 list are again in the red zone.

Top 10 coins by CoinMarketCap


The price of Binance Coin (BNB) has dropped by more than 4% over the last 24 hours.

BNB/USD chart byTradingView

On the hourly chart, BNB has started the day with growth; however, bulls could not hold the initiative, having formed the false breakout of the local resistance level at $285.8. Until the price remains trading below the support at $283, the fall may continue.

BNB/USD chart byTradingView

Today's fall has not affected the rate of Binance Coin (BNB) that much as the price keeps trading in the middle of a wide range, which means that neither bulls nor bears have accumulated enough power for a further sharp move.

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In this case, the more likely scenario is ongoing trading between $280 and $290.

BNB/USD chart byTradingView

From the midterm point of view, the situation is similar as none of the sides is dominating at the moment. Such a statement is also confirmed by the falling volume. If buyers want to start a rise, they need to return the price to the vital $300 mark.

BNB is trading at $281.9 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at