As an experienced financial analyst, I believe that based on the current market data from CoinStats and the price action of Binance Coin (BNB) in the last 24 hours, it appears that the market has not yet found a clear reversal zone. The hourly chart indicates that BNB is currently in the middle of its local channel, with the vital resistance area being $600.
According to CoinStats, the market might not have found a reversal zone yet.
BNB/USD
The price of Binance Coin (BNB) has declined by 0.57% over the last 24 hours.
On the hourly chart, the price of BNB currently sits in the midst of its local trading range. It’s important to keep an eye on the pivotal level around $600.
If buyers can hold the price above it, there is a chance to see a resistance breakout tomorrow.
Regarding the longer time perspective, the native cryptocurrency’s exchange rate has rebounded from its support level at $595.8. Should the daily closing price deviate significantly from this point, the uptrend could extend towards the $620-$640 range.
Looking at the mid-term perspective, focus on the bar’s closing price in relation to the last candlestick’s low. Should this close under $600, expect further correction towards the $550 region over the ensuing days.
BNB is trading at $603.4 at press time.
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2024-06-14 21:11