Binance Coin (BNB) Price Analysis for November 12
The top 10 cryptocurrencies are down today, including Binance Coin (BNB), which dropped by 1.6%. BNB's price is declining after hitting a local resistance at $978.61, with no clear reversal signs in the short or mid-term. If the daily bar closes below $1,000, further corrections toward the $920-$940 or $881 support zones may occur. Currently, BNB trades at $961.
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Overview of Cryptocurrency Performance
All of the top 10 cryptocurrencies are in the red area today, according to CoinStats. This reflects a broader downward trend impacting the market.
Binance Coin (BNB) Daily Performance
The price of Binance Coin (BNB) has fallen by 1.6% over the last day. On the hourly chart, the rate of BNB is heading downward after setting a local resistance at $978.61. If today's daily bar closes significantly far from that mark, a test of the support level may follow by tomorrow.
Long-Term Technical Outlook for BNB
On the longer time frame, there are no reversal signals yet. If bulls fail to seize the initiative and the candle closes with a long wick, the correction is likely to continue towards the $920-$940 zone.
Midterm Analysis of BNB's Performance
From a midterm perspective, the situation mirrors the longer-term outlook. The rate of BNB is declining after a false breakout of the $1,161 level. Should the bar close below the psychological $1,000 mark, there is a high probability of testing the $881 support level soon.