Binance Coin (BNB) Price Analysis for January 30

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Denys Ser­hi­ichuk

How deep can drop of Binance Coin (BNB) go at cur­rent correction?

Sell­ers might have local­ly seized the ini­tia­tive, accord­ing to the Coin­Mar­ket­Cap rank­ing.

Top 10 coins by CoinMarketCap

BNB/USD

Binance Coin (BNB) could not with­stand sell­ers’ pres­sure, going down by 2.59%.

BNB/USD chart byTradingView

On the local chart, the price has made a false break­out of the sup­port lev­el at $305.2. Until the rate is above it, bulls remain more pow­er­ful than bears. How­ev­er, if buy­ers can­not come back to the resis­tance short­ly, one can expect a fall below $300 soon.

BNB/USD chart byTradingView

On the big­ger time frame, the rate has made a false break­out of the resis­tance at $316, which means that bulls might need more time to accu­mu­late ener­gy for a fur­ther move.

In this case, side­ways trad­ing in the range of $300-$310 is the more like­ly sce­nario until the end of the week.

BNB/BTC chart by TradingView

Ana­lyz­ing the dai­ly chart against Bit­coin (BTC), the sit­u­a­tion is almost unchanged as the price is stuck in the mid­dle of a wide chan­nel. If buy­ers want to seize the ini­tia­tive, they need to return the rate to the 0.0136 zone.

BNB is trad­ing at $310 at press time.

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