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How is Binance BNB Looking Today?
Binance BNB is currently trading around the $245 mark and is going sideways on the lower timeframes. The price is currently bouncing back and forth between the support at $240 and the resistance at $250. Last, we did see Bitcoin drop as low as $220 after facing strong rejection around $260 earlier this month. Right now, we can see that the price has gained some momentum on the lower timeframes and is trying to move toward the higher targets once again. Let’s take a quick look at the Binance BNB Prediction Today (23-Dec-2022) to see where the price could be headed next in the short term.
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Analyzing the Charts
If we take a quick look at the latest 1-hour charts, we can notice that the price has rejected the $250 a few times this week. The bulls are unable to break above it, and the price could lose its support at $240 once again.
Also, apart from this horizontal resistance, we can also notice a trendline resistance that is forming a bearish pattern for BNB.
We can see in the above image that Bitcoin is forming a descending triangle and could lose its support at $240 soon. A descending triangle is a bearish continuation pattern that indicates that the bulls are losing steam.
If this structure does play out in the coming hours or the next couple of days, we can expect BNB to plunge to $230 once again.
Conclusion: What is Next for Binance BNB?
Binance BNB is struggling to break above $250 and could drop once again in the short term. Right now, the price is forming a bearish pattern, and we will be following it closely. If BNB does break below this level, we will also be expecting BNB to retest the $220 mark once again. However, the price could also find some support at $230, and a bounce back from that position is not completely out of the equation.
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