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Binance Coin (BNB) Price Analysis for January 7

1 Mins read

The last day of the week has started bullish for the cryptocurrency market.

Top coins by CoinMarketCap

BNB/USD

The rate of Binance Coin (BNB) has increased by 0.39% since yesterday. Over the last week, the price has fallen by 3.13%.

Image by TradingView

On the hourly chart, the rate of BNB is bearish as it is near the local support level of $305.1.

If the situation does not change by the end of the day, one can expect a breakout to the $300 zone.

Image by TradingView

On the bigger time frame, BNB remains under bears’ pressure. At the moment, one should pay attention to $300. If bulls lose this vital mark, the fall is likely to continue to the $290 range next week.

Image by TradingView

From the midterm point of view, neither buyers nor sellers are dominating. If the bar closes around the current prices, there is a high chance of ongoing sideways trading between the $300 and $320 areas.

BNB is trading at $307 at press time.

Source

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Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
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