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Binance Coin (BNB) Price Analysis for January 10

Binance Coin (BNB) Price Analysis for January 10


Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The cryptocurrency market has faced a correction after a few days of sharp rise.

Top coins by CoinMarketCap

BNB/USD

The price of Binance Coin (BNB) has dropped by 1.59% over the last 24 hours.

BNB/USD chart by TradingView

On the hourly chart, the price of Binance Coin (BNB) started Tuesday with the false breakout of the local support level; however, it failed to keep the rise going after a bounce back to the resistance at $276.6.

If the rate keeps going up, there are chances to see the drop to the $270 zone.

BNB/USD chart by TradingView

On the daily time frame, the situation is unclear as the price of Binance Coin (BNB) might have entered the consolidation phase after a few days of growth. Such a statement is also confirmed by the volume. In this case, the more likely scenario is sideways trading in the range of $270-$280.

BNB/BTC chart by TradingView

An almost identical situation can be seen on the daily chart against Bitcoin (BTC). The bulls might have run out of power to keep the rise going. In this regard, traders are likely to see sideways trading in the narrow range of 0.0158-0.016 until the end of the current week.

Binance Coin is trading at $274.4 at press time.



Compiled by Metacrunch. Metacrunch is a news complier and aggregator platform which aims to spread awareness and updates on Metaverse, Web 3.0 Technology, Blockchain, Cryptocurrency, NFTs, Airdrops and many more.

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