As a seasoned researcher with years of experience in the cryptocurrency market, I’ve seen more than a few bull runs and corrections throughout my career. Today, looking at the price action of Binance Coin (BNB), it seems we might be witnessing another chapter in this dynamic narrative.
Bulls are trying to restore their lost positions, according to CoinMarketCap.
BNB/USD
The price of Binance Coin (BNB) has risen by 0.84% over the last 24 hours.
On an hourly timeframe, the price of BNB has breached the nearby barrier at approximately $508.10. Should purchasers maintain control over this advance and the day’s trade concludes above this level, it seems probable that the uptrend will persist into tomorrow.
For today’s chart analysis, the trend appears to be negative. Currently, the price is being tested at the support level of approximately $495.80. If this level gives way, traders might observe a quick decline towards the $470-$480 zone in the near future.
From the midterm point of view, there are no reversal signals yet.
If the week ends with the price remaining at its current level or dropping lower, it’s possible that the price might be tested against the support level of $454.80 in the coming days.
BNB is trading at $499.60 at press time.
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2024-09-06 18:16