Binance Coin (BNB) Price Analysis for October 17
The market is slightly coming back to red; however, there are some exceptions to the rule.
BNB/USD
The rate of Binance Coin (BNB) has declined by 1.32% over the last 24 hours.
On the hourly chart, the price of BNB has set a local support level of $209. Even though bears are more powerful than bulls, there are low chances of seeing a further drop as most of the daily ATR has passed.
In this regard, sideways trading in the area of $210-$213 is the more likely scenario until tomorrow.
Today’s fall has not affected the overall technical picture of BNB on the daily time frame. The rate keeps trading sideways, gaining energy for a further sharp move. Buyers may start thinking about a possible reversal only if the price gets back to the $220 mark and fixes above it.
A similar situation can be seen on the weekly chart. Here one should focus on the bar closure. If it happens far from the resistance, a narrow consolidation is likely to continue next week.
BNB is trading at $212.5 at press time.