Binance Coin (BNB) Price Prediction for March 17

The last day of the week is about to be bearish for most of the coins, according to CoinMarketCap.

BNB/USD

The rate of Binance Coin (BNB) has fallen by 5.13% since yesterday. Over the last week, the price has risen by 7%.

On the hourly chart, the price of BNB is in the middle of the local channel between the support at $548.6 and the resistance at $590.4. As most of the ATR has been passed, any sharp moves are unlikely to happen today.

On the bigger time frame, the situation is also unclear as the rate is far from the key levels. If buyers want to maintain the midterm growth, they need to restore the price above the vital zone of $600.

Only in that case is there a chance of a resistance breakout.

On the weekly chart, the candle is about to close far from its peak, which means that bulls are not as powerful as before. In this regard, traders may witness a local correction to the $500 area by the end of the month.

BNB is trading at $565 at press time.

Source