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Binance Price Prediction Today, October 23, 2022: BNB/USD Trades Within a Narrow Limit

Binance Price Prediction Today, October 23, 2022: BNB/USD Trades Within a Narrow Limit
Binance Price Prediction Today, October 23, 2022: BNB/USD Trades Within a Narrow Limit

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Right from the middle of August this year, BNB/USD has been trading mostly within price levels of $300 and $262. Furthermore, trading indicators are now pointing out that price action is already attempting to perhaps move towards, test, or break the upper price limit.

BNB Analysis Statistics Data:
Binance value now: $ 270.34
BNB market cap: $43.1billion
Binance moving supply: 159.98 million
The Total supply of BNB: 159.98 million
Binance’s Coinmarketcap ranking: #5

Notable Price Levels:
Resistance: $270, $285, $300
Support: $260, $250, $240

Binance Price Prediction Today, October 23, 2022: BNB/USD Trades Within a Narrow Limit

Binance Price Prediction Today, October 23, 2022: BNB/USD Minimal Upside Retracement

The movement of price in the BNB/USD, like earlier said has been ranging for a while. consequently, we can assume that this market will only present short-term gains at this point. Moving on, recently, there has been the appearance of two bullish candlesticks on this chart. With the most recent one raising the price towards the Moving Average line. Nevertheless, price movements still stay under the Moving Average curve. The curves of the RSI resume their journey to the upside, though still under the 50% level, which Portrays that the upside move is still developing. However, with buyers maintaining steady control of price action, Binance Coin price may soon pass above the MA line. Subsequently, this will increase the chances of price testing the $300 resistance.

Binance Price Prediction Today, October 23, 2022: BNB/USD Trades Within a Narrow Limit

Binance Price Prediction Today, October 23, 2022: BNB/BTC Obtains a Strong Support

Examining the BNB/BTC market, it could be observed that price action seems to have found strong support at 0.01384. As of now, price action is moving downwards, but traders can anticipate a bounce off the price level of 0.01384. However, the RSI has displayed a bearish crossover while still oversold, which indicates that the price will trend downwards. Nevertheless, if selling pressure should be stronger than buying at the aforementioned support, this support will not hold. Consequently, traders can wait till price action shows signs of upside retracement off that level.

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