Binance Coin (BNB) Price Analysis for November 12

Bulls could not seize the initiative on the first day of the weekend.

BNB/USD

Binance Coin (BNB) has followed the decline of most of the other coins, falling by 5.18%.

On the hourly chart, the day has started with a sharp rise formed by the false breakout of the local support level at $271.6. However, bulls could not seize the initiative for a long time as the price is now in the middle of the channel.

All in all, the chance to see any sharp moves today is quite low as the daily ATR (average true range) is almost passed.

On the bigger time frame, the situation is different as the price has made a false breakout of yesterday’s low at $279. If buyers can hold the rate above that mark, a short-term rise to the $300 zone is possible. However, that should be considered a correction and not a bullish reversal.

On the weekly chart, Binance Coin (BNB) has almost tested the interim support level at $256.7 once again. If a bounce back does happen this time, the next approach to that mark may generate a sharp decline to $200 and even below.

BNB is trading at $280.8 at press time.

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