Binance Coin (BNB) Price Prediction for November 7

Cover image via U.Today

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Bulls are trying to control the situation on the market despite sellers' pressure, according to CoinStats.

BNB chart by CoinStats

BNB/USD

The rate of Binance Coin (BNB) has increased by 1.86% over the last 24 hours.

Image by TradingView

On the hourly chart, the price of BNB is looking bearish as it is near the local support of $591.21. 

If the situation does not change by the end of the day, there is a chance to see a breakout, followed by a move to the $580-$585 zone.

Image by TradingView

On the bigger time frame, the picture is rather more bearish than bullish. If the daily bar closes with a long wick and far from its peak, bears may seize the initiative, which might lead to a correction to the $580 area.

Image by TradingView

On the weekly chart, bulls still have the chance to grow further. If the bar closes near the resistance of $612.60, the energy might be enough for a blast to the $640-$680 range.

BNB is trading at $595.44 at press time.