Binance Coin (BNB) Price Analysis for November 12

Bulls could not keep up the rise on the last day of the week, and some coins are in the red zone now.

BNB/USD

The rate of Binance Coin (BNB) has fallen by 0.53% since yesterday. Over the last week, the price has risen by 2.37%.

On the hourly chart, the price of BNB is in the middle of the local channel, which means that neither bulls nor bears have seized the initiative yet.

Moreover, any sharp moves are unlikely to happen until the end of the day as most of the daily ATR has been passed.

A similar picture is on the daily time frame as the rate is stuck between the support and the resistance. In addition, the volume has declined. All in all, sideways trading in the area of $245-$255 is the more likely scenario for the next days.

Bulls remain more powerful than bears while the price is above the $234.8 level. However, if the candle closes with a long wick, traders may witness a correction to the $240 zone soon.

BNB is trading at $248.5 at press time.

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