Binance Launches New Wallet, BNB Price Falls
Despite the launch of a new wallet by Binance on Nov. 11, the price of BNB has seen a slight decrease recently. The first attempt to break out from the $260 area was not successful, so the question remains whether the second attempt will be different.
BNB Breaks out From Resistance
Technical analysis from the daily time frame shows that the BNB price fell under a descending resistance trend line since April, leading to a low of $202 on Oct. 9. However, the price has increased considerably since then and broke out from the descending resistance trend line on Oct. 15, reaching a high of $258 on Nov. 10.
Despite this increase, BNB failed to break out from the $260 horizontal resistance area that had been in place since June.
Binance Web3 Wallet Launch
Binance announced the launch of the Binance Web3 Wallet last week, integrating it with their app and providing cross-chain token swaps through the Binance bridge. This announcement brought some positive news for Binance and its users.
BNB Price Prediction: Will Increase Lead to $300?
The Relative Strength Index (RSI) in the daily time frame supports the continuing increase in BNB price. The RSI is above 50 and increasing, indicating a bullish trend. Additionally, a bullish divergence trend line preceding the BNB price increase is still intact.
If BNB breaks out from the $260 resistance, it could increase by nearly 30% and reach the next resistance at $315. However, failure to break out can lead to a 7% drop to the closest support at $230.
Hot Take: Mixed Signals for BNB Price
While there are positive indicators suggesting a potential increase in BNB price, there are also challenges ahead in breaking through resistance levels. The launch of the new wallet by Binance has created optimism, but whether this will translate into a significant price surge remains uncertain. Traders should monitor key resistance and support levels closely in the coming days.
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