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How is Binance BNB Looking Today?
Binance BNB is currently trading around the $242 mark and is still struggling to gain momentum on the lower timeframes. As highlighted in our previous analysis, the price has been stuck between the $240 and $250 zone for the past ten days, and the trading volume is also dropping. Last month BNB faced rejection around the $300 mark, and the price has been dropping since. However, after touching the $200 mark once, the price has bounced and is currently struggling to get above the resistance at $250. Let’s take a quick look at the Binance BNB Price Prediction Today (28-Dec-2022) to see where the price could be headed next in the coming days.
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Analyzing the 1-day Timeframe
If we take a look at the latest 1-day charts for Binance, we can notice that the price has been trading between $200 and $330 since May of this year.
We can also notice that the price has dropped below $250 for only the second time during this period. The first time BNB dropped below $250 within this chart, it went on to retest the bottom around $200.
If the Binance coin does face another rejection at around $250 in the coming days, we can expect the price to drop $200 once again. At $200, we can expect decent support for BNB as it has been acting as the bottom level for BNB since March last year.
We can also notice that the trading volume has been dropping rapidly and is quite low at the moment.
Conclusion: What is Next for Binance BNB
Binance BNB is currently trading below a crucial level at the $250 mark and could go either way in the short term. Things are looking bearish for the Binance coin, but we could see upside movement if the crypto market shows positive signs in the next week. Otherwise, the retest of the $200 mark is looking highly likely at the moment. If BNB faces another rejection at around $250, we will be interested in shorting it a tight stop-loss.
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