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Binance Coin (BNB) Price Analysis for October 7



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Denys Serhiichuk

How great are chances to see rise of Binance Coin (BNB) against neutral market?

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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

BNB/USD

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.

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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