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Binance Coin Price Prediction Today, November 20, 2022: BNB/USD Struggles to Remains Above the $266 Support

Binance Coin Price Prediction Today, November 20, 2022: BNB/USD Struggles to Remains Above the $266 Support
Binance Coin Price Prediction Today, November 20, 2022: BNB/USD Struggles to Remains Above the $266 Support

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Price movement in the BNB/USD market has been trading under the $290 price level for some time now. But interestingly, it has somehow stayed above the $266 price level after testing this support. Can this present a significant retracement? Let’s take a closer look.

Binance Coin Analysis Statistics Data:
Binance’s value now: $276
BNB’s market cap: $43.39 billion
BNB’s moving supply: 159.97 million
Total supply of Binance Coin: 159.97 million

BNB’s Coinmarketcap ranking: #5

Important Value Levels:
Top Levels: $290, $300, $340
Bottom Levels: $276, $260, $230

Binance Coin Price Prediction Today, November 20, 2022: BNB/USD Struggles to Remains Above the $266 Support

Binance Coin Price Prediction Today November 20, 2022: BNB/USD Is Attempting an Upward Retracement

Recently price action in the BNB/USD broke the $290 support downwards, and since then this market has been trading below this new resistance. However, when price candles in this market tested the $266 support there was an instant reaction to this development as price action retraced upwards. Nevertheless, there appears to be a considerable amount of selling going on in this current session, and the latest price candle is a testament to this. Furthermore, the Stochastic RSI lines have given a bullish crossover in the oversold. However, this crossover is still in its early stages. Therefore, the question of if the upward retracement will be significant or not will be answered by the end of this session. Nevertheless, traders can prepare an entry above the last bearish candle, as the Binance Coin’s  price may move toward the $290 resistance.

Binance Coin Price Prediction Today November 19, 2022: BNB/BTC Market Stay Focus On 0.017006

Price movement in the BNB/BTC market returned to below the 0.017006 support, after poking through it. But, one fascinating thing about price behavior here is that the RSI seems to be maintaining its upside-facing crossover. Also, price action is still hanging around the 21-day Moving Average curve. We perceive that the just concluded trading session – which is represented by the green candle before the last one, represents a significant price increase, and hasn’t been canceled out by the ongoing session. Perhaps, this is the reason why trading indicators are still positive about upside moves. Consequently, traders can still position an entry at the level of the 9-day MA, as the price keeps aiming at the 0.017006 level.

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