Introduction
In this article, we will analyze the price movements of Binance Coin (BNB) on September 9 and provide insights into its short-term and midterm prospects.
Hourly Price Analysis
The price of Binance Coin (BNB) has shown a modest increase of 0.24% compared to the previous day. On the hourly time frame, BNB encountered resistance at $215.4 and has started to retrace. If this downward momentum continues, traders should watch for a potential test of the support level at $214.3 within the next 24 hours.
Daily Price Analysis
Zooming out to the daily time frame, today’s slight price rise has not significantly altered the overall technical position of BNB. The trading volume has been declining, indicating a lack of dominance by either the bulls or bears. As a result, it’s plausible to anticipate sideways trading in the range of $212 to $218 for the coming days.
Midterm Outlook
Looking at the midterm perspective, the situation appears more bearish than bullish. BNB is currently heading towards the critical support level at $204.8. If buyers fail to hold the interim support at $210, a sharp decline to the $200 zone and potentially lower could be in the cards.
As of now, BNB is trading at $214.8.
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