Binance Coin (BNB) Price Prediction for November 1

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Even though the day has started bearish, most of the coins are trying to seize the initiative, according to CoinStats.

BNB chart by CoinStats

BNB/USD

The rate of Binance Coin (BNB) has increased by 0.15% over the last 24 hours.

Image by TradingView

On the hourly chart, the price of BNB is rising after a breakout of the resistance level. If bulls can hold the gained initiative, growth is likely to continue to the $590-$600 range over the weekend.

Image by TradingView

On the daily time frame, it is too early to make any predictions. Buyers may start thinking about a further upward move only if they restore the rate above the vital zone of $600. 

In that case, there is a chance to see a test of the resistance of $612.6.

Image by TradingView

From the midterm point of view, traders should pay attention to same $612.60 level. If it breaks out, the accumulated energy might be enough for a move to the $700 mark.

BNB is trading at $582.20 at press time.