As a seasoned researcher with over a decade of experience in the cryptocurrency market, I’ve seen my fair share of bull runs and bear markets. Today, looking at Binance Coin (BNB), I can’t help but feel a sense of deja vu. The current trend seems eerily reminiscent of previous corrections we’ve witnessed.
Most of the coins could not hold the bullish trend, according to CoinStats.
BNB/USD
The rate of Binance Coin (BNB) has fallen by 1.44% over the last 24 hours.
As an analyst, I find myself observing a bearish trend in the price of BNB on the hourly chart, even after today’s dip. Should the local support level at $565.20 succumb to a breakout, there seems to be enough momentum for a potential test of the $560 range tomorrow.
On a larger time scale, the BNB rate is quite distant from key levels. Therefore, it’s crucial to monitor the closing price relative to the previous day’s low. If the bar closes below this point, the downward trend might extend towards the $550 region in the coming days.
Looking from a midterm perspective, the current market trend appears bearish. The value of the native exchange coin has continued to decrease following an unsuccessful breakout above the resistance level of $612.60. If buyers don’t take control promptly, the downward correction could potentially push the price towards the $520 area in the near future.
BNB is trading at $566.90 at press time.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- BICO PREDICTION. BICO cryptocurrency
- VANRY PREDICTION. VANRY cryptocurrency
- USD ZAR PREDICTION
- USD COP PREDICTION
- USD CLP PREDICTION
- USD PHP PREDICTION
- G PREDICTION. G cryptocurrency
2024-10-01 18:25