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December 7, 2023
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Binance Coin Price Analysis: Will BNB Price Bounce Back Soon?

The post Binance Coin Price Analysis: Will BNB Price Bounce Back Soon? appeared first on Coinpedia Fintech News

The crypto industry is on track to stabilize the market, but on the other hand, the top coins continue to hover around their support levels as the top 10 coins are currently trading in the red.

The BNB coin has been experiencing massive price volatility since the start of the month. Following the dip, the Binance coin price has been moving sideways with minor price movement.

The BNB coin has been trading in a descending channel since the start of September. The bulls have failed multiple attempts to break out of the trend as the market could not gain momentum. Further, the price displays a possibility of a golden cross soon, indicating a massive price action in the coming days.

The RSI had been trading under the mid-point for a while, following which the averages quickly surged and crossed the levels. Further, the averages are currently hovering close to their mid-point, indicating a weak buying and selling power. 

On the other hand, the MACD has been displaying a constant flatline in its charts, indicating uncertainty in its price action. Moreover, the chart displays a bearish convergence in its levels, indicating a trend reversal possibility.

Will The BNB Coin Regain Price?

If the bulls gain power and break out of the resistance level, then the price will experience a bullish sentiment. If the price manages to hold itself above the level, then the price will continue to surge and test its resistance level of $220 soon.

On the contrary, if the bears overpower the bulls and a trend reversal occurs, the price will lose momentum, resulting in BNB losing its value. Further, if the Binance coin price fails to hold its value above the support level, then the price will continue to fall and test its support level of $203.

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