Binance Coin (BNB) Price Analysis for December 2

Sat, 12/02/2023 – 16:08

Cover image via www.tradingview.com

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Buyers are still dominating over sellers, according to CoinStats.

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BNB chart by CoinStats

BNB/USD

Unlike other coins, the rate of Binance Coin (BNB) has fallen by 0.17% since yesterday.

Image by TradingView

On the hourly chart, the price of BNB is in the middle of the local channel. The volume has not risen, which means that any sharp moves are unlikely to happen today.

Thus, most of the daily ATR has been passed. All in all, sideways trading in the area around $227 is the more likely scenario.

Image by TradingView

On the bigger time frame, one should pay attention to the support level of $224. If the decline continues, the accumulated energy might be enough for a breakout followed by a move to $220.

Image by TradingView

From the midterm point of view, the rate of BNB has made a false breakout of $224. However, if the bar closes near it, traders may see a drop to the $210-$220 area soon.

BNB is trading at $227.6 at press time.

SOURCE

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