As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of market fluctuations, and the current state of Binance Coin (BNB) is no exception.
Some coins have returned to the red zone at the end of the week, according to CoinMarketCap.
BNB/USD
The rate of Binance Coin (BNB) has fallen by 0.87% since yesterday. Over the last week, the price has risen by 2.86%.
On an hourly timeframe, the cost of BNB appears to be heading back towards its nearby support area around $593.1. Should this downward trend persist, there’s potential for a breach and subsequent movement towards the $590 region.
Looking at a larger time perspective, the overall trend continues to lean bearish. For bulls to regain their position, they must push the price up towards the resistance level of approximately $616.
Looking from a midterm perspective, Binance Coin’s price seems to have experienced an unsuccessful breach above the resistance level at $612.6. Should the weekly closing price deviate significantly from this point, there could potentially be a correction towards the $580 range in the upcoming week.
BNB is trading at $596.5 at press time.
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2024-09-29 19:20