As a seasoned crypto investor with battle-scarred fingers from past market rollercoasters, I find myself intrigued by the bullish tide sweeping across the crypto realm today, as indicated by CoinStats. The meteoric rise of Binance Coin (BNB) over the last day, with a 5% leap in its price tag, has caught my attention.
The crypto market is mainly bullish today, according to CoinStats.
BNB/USD
The rate of Binance Coin (BNB) has gone up by 5% over the last day.
On an hourly timeframe, the BNB price appears to have reached a potential local resistance point at around $548.20. Should the weekly closing price move significantly away from this level, there’s a possibility that bears could re-enter the market, potentially causing the price to dip towards the $530 range.
Looking at the larger picture, the upward trend of BNB persists following yesterday’s bullish finish. But if today’s candle ends significantly away from its high point, there could be a potential reversal back towards the $520 to $530 range in the near future.
On the weekly chart, the native exchange coin’s rate is quite a distance from its key support and resistance zones.
In other words, since no side seems to have control, it’s probable that we’ll continue to see fluctuating prices within the range of approximately $520 to $600.
BNB is trading at $539 at press time.
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2024-09-12 19:20