As a seasoned analyst with a rich background in cryptocurrency markets, I find myself closely monitoring the latest developments in the Binance Coin (BNB) market. With a keen eye for trends and a knack for reading charts, I’ve seen my fair share of bull runs and bear markets. Today, it seems we’re in the latter.
Bears are again more powerful than bulls, according to CoinStats.
BNB/USD
The price of Binance Coin (BNB) has dropped by 4.64% since yesterday.
In the one-hour timeframe, the price of BNB is quite a distance from its local support and resistance zones. Since neither buyers nor sellers seem to be strongly in control at this moment, it’s plausible that the market will continue moving sideways within the range of $500 to $515 for the rest of the day
On the bigger time frame, the price of BNB has made a false breakout of yesterday’s candle’s low.
If the budget is close to the $500 range now, the available energy may be sufficient for a gradual decline in the $480-$490 zone
From a practical standpoint, it is important to keep an eye on the weekly deadline for corrections. If the total amount falls below $507, the ongoing work can be extended to the range of $470
BNB is trading at $509.70 at press time.
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2024-09-04 18:23