Binance Coin (BNB) Struggles To Break Above $335; Here Is What To Expect
November 01 2022 - 3:06PM
NEWSBTC
BNB’s price shows strength as it continues its rally, with eyes set
on breaking its major resistance of $335, stopping the price from
increasing. BNB could rally more as the price creates a
bullish bias and holds above resistance. BNB’s price remains strong
on the daily timeframes as the price trades above the 50 and 200
Exponential Moving Averages (EMA). The price of Binance Coin (BNB)
displayed an incredible price action as the price recaptured its
key support of $270 after losing this region a few days ago. The
crypto market has enjoyed a little bit of relief bounce across all
most assets, with Bitcoin (BTC) and Ethereum (ETH) leading the
charge as most crypto assets, including MASK, produced over 50%
gains in less than 24 hours. With uncertainty in the crypto market
creeping in, it is yet to be known if Binance Coin (BNB) will
finally break this resistance. (Data from Binance) Related Reading:
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Binance Coin (BNB) Price Analysis On The Weekly Chart The crypto
market is looking increasingly welcoming as many altcoins continue
producing over 150% gains over the past 7 days of breaking out of
its range-bound movement. The likes of DOGE have seen some great
runs rally. The past weeks were tough for the crypto space, with
many altcoins struggling to hold up their key support areas. With
the week looking more promising and Bitcoin (BTC) prices gaining
traction, the crypto market has enjoyed a measure of relief, but
this can not be said for the new month as things begin to look
slightly different in terms of prices. After its weekly close of
above $300, the price of BNB rallied to a high of $330; the price
faced a minor rejection to break higher to a region of $325; the
price struggled to break above this region. The price of SHIB has
maintained its bullish structure above the $300 region as the price
of BNB eyes a rally to a region of $335, acting as resistance for
the price of BNB to rally to higher heights. Weekly resistance for
the price of BNB – $335. Weekly support for the price of BNB –
$300. Price Analysis Of BNB On The Daily (1D) Chart In the daily
timeframe, the price of BNB continued to look strong as the price
held above its range channel, forming strong support to hold off
the price from sellers. BNB currently trades at $324, just above
its key support formed at $300 on the daily timeframe after a
successful breakout from a range channel with good volume as the
price rallied to a high of $335, where it got rejected from
trending higher to a region of $400. If BNB fails to break
and close above $335, we could see the price retraced to $300-$270,
acting as good support for prices, but if the price breaks past
$335, we would expect a rally to a high of $400-$450. Daily
resistance for the BNB price – $335. Daily support for the BNB
price – $300-$270. Related Reading: Shiba Inu (SHIB) Plays Catchup
With DOGE; Will Bulls Push For $0.00002? Featured Image From
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