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How is Binance BNB Looking Today?
Binance BNB is currently trading just around $290 and is struggling to hold it as support on the lower timeframes. As mentioned in our previous analysis, BNB faced strong rejection around the $315 mark and has been moving toward the downside since. The price has been consolidating between $290 and $300 for the past few days and is struggling to gain any sort of momentum. If BNB breaks below this crucial support in the coming days, then we can expect a sell-off toward the lower levels. Let’s take a quick look at the latest Binance BNB Price Prediction Daily (02-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 look at the latest 1-hour charts for Binance BNB, we can see that the price is currently trading below the support level at $290.
BNB is struggling to hold the crucial level at $290, and if it starts closing the daily candle below it, we will likely see another sell-off. The next level we will be eyeing in that scenario is the $275 mark. It is the area that was acting as resistance before the breakout last week.
On the other hand, If BNB manages to gain momentum, we can see it comfortably reclaim the support at $290. The next levels we will be targeting in that scenario are the $300 and $315 marks.
Conclusion: What is Next for Binance BNB?
Binance BNB is currently trading around a crucial support level and could drop further in the coming hours. There is no momentum with the price, and the trading volume is also low. If Binance fails to hold $290 as support on a daily timeframe, we can expect another sell-off during the weekend. The next target we will be eyeing in that scenario is the $275 mark. We will be interested in placing a short trade on BTC if the price closes the day below $290.
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