The crypto markets are witnessed a significant recovery since the past trading day as Bitcoin price soared from $15,800 to as high as $16,800. Meanwhile, BinanceCoin (BNB) price also marked daily highs above $300 but failed to sustain above these. A rebound beyond the resistance is much required to keep the bullish momentum but woefully the drop in the daily addresses indicates a diverse trend.
Binance Coin (BNB) Price Analysis
- The BNB price was trading within a bullish ascending pennant until the market collapsed due to the FTX crisis that dragged the BNB price below the crucial trend line
- After undergoing a brief descending trend, the BNB price rebounded finely from the lows around $250 and reclaimed the levels within the pennant
- Woefully, the price experienced rejection at $300 and presently appears to be stuck below these levels.
- The price may continue to consolidate along the trend line until either the buying or selling pressure kicks in that may impact the price movements accordingly
Binance Coin(BNB) Price Predicition for November 2022
The token is among the crypto assets that silently rose from the lows below $50 and surged gigantically to surpass $600. Since then, the price maintained a similar trend and without being primarily impacted by the market trend, tries to maintain its independence. However, the market participants appear to have lost focus on the asset as the daily active address stoops to new lows.
The daily active address denotes the user’s activity over the platform, regardless of whether the user is buying or selling the token. Hence the number of active addresses recording new lows indicates the shift of focus of the traders away from BinanceCoin. Therefore, this may severely impact the volatility of the price which may in turn compel the price to remain within the close range.
Collectively, Binance Coin, the silent storm that has secured its position within the top 5 has enough barriers to break before attempting a firm recovery. With a strong rebound, the BNB price is believed to reclaim the lost position, followed by a surging high to reach $500 in the coming days.