Our Binance Coin price analysis for today December 6 analyzes to check when BNB will take advantage of the market momentum and return to the bullish trend.
The bullish sentiment in the general crypto market continues to rise every day as the crypto fear & greed index for today rests at 82, representing a 10-point increase from yesterday’s 72.
Consequently, the global crypto market cap is up by 0.55% over the last 24 hours according to data from CoinMarketCap. The world’s largest cryptocurrency by trade volume, Bitcoin continues to trade above $43,000 reaching a new yearly high of $43,900.
Similarly, the second-largest cryptocurrency Ethereum maintains its price above $2,200. Other cryptocurrencies like Anchored Coins (AEUR) and BakeryToken (BAKE) are some of the top gainers for today with a 158.6% and 82.34% increase in the last 24 hours respectively.
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However, not all cryptocurrencies in the market are utilizing today’s trend and BNB is one of them. When will BNB return to the bullish trend? Let us delve right in.
Binance Coin (BNB) Price Analysis
In the last day, BNB has not joined the list of rising cryptocurrencies. Its value has slightly dropped by 0.51% in the last 24 hours but has maintained a 1.60% rise in the last 7 days.
On the hourly chart, the BNB price is trading near the local support level after falsely breaking out of the $234.3 resistance zone. The price decline could reach $227 tomorrow if the candle closes close to the current level.
Source: TradingView
Looking at the daily chart, BNB continues to trade in the middle between the support and resistance levels of $224 and $238.5 respectively. The more likely scenario is sideways trading continuing around $230 as none of the sides have taken the initiative yet.
Source: TradingView
Analyzing the bigger chart, BNB appears to be more bearish than bullish since the price is around the support level of $224. If a breakout occurs, then we might likely see a further decline to the $210-$220 level.
BNB price today
According to data from Coinstats, the price of BNB today is $230. What is more, Binance Coin is the fourth-largest cryptocurrency by trade volume with a live market cap of $35,510,398,992 ($35.5 billion) and a 24-hour trading volume of $1,125,168,054 ($1 billion).
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.