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How is Binance BNB Looking Today?
Binance BNB is currently trading below $290 and has not really moved much since the drop last yesterday. The price is now trading below a crucial support level and could continue to drop if BNB fails to reclaim the $290 mark in the immediate short term. We did witness some bullishness for BNB a couple of weeks ago, but after facing rejection at $315, the price is struggling to hold levels once again. Let’s take a quick look at the latest Binance BNB Price Prediction Today (06-Dec-2022) to see what levels will come into play in the next few days.
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Analyzing the Charts
If we take a look at the latest 1-hour charts, we can notice that the price is currently trading just below the $290 mark but is not really dropping anymore. If BNB manages to reclaim this support in the coming hours, we will likely see some bullishness for it.
The next level we will be eyeing in that scenario is the $300 mark. It is an area that has acted as strong resistance in the recent past as well.
On the other hand, if the price faces another rejection at around $290, a sell-off could also be triggered. The next support level we will be targeting in such a scenario is the $275 mark.
The $275 has significance because it was the area that acted as strong resistance for BNB before the price broke out a few weeks back.
We can also see a decline in trading volume for Binance BNB, and it is possible that the bearish scenario will likely play out in the short term.
Conclusion: Final Verdict on Binance BNB
Binance BNB is currently trading below a crucial support level and will likely drop further in the coming hours. The price is currently struggling, and the trading volume has been dropping as well. If the bulls do not step in soon, we can expect BNB to drop to $275. If the price faces rejection in the next few hours around $290, we will also be interested in shorting BNB with a tight stop loss.
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