As a seasoned researcher with years of experience in the volatile world of cryptocurrencies, I’ve learned to never predict the market with absolute certainty. However, based on the current trends and technical analysis, it appears that Binance Coin (BNB) is showing promising signs of growth.
Most of the coins are bouncing off today, according to CoinMarketCap.
BNB/USD
The rate of Binance Coin (BNB) has risen by 2.54% over the last 24 hours.
Looking at the hourly graph, BNB‘s price is close to the current local resistance level of around $554.50. If buyers manage to maintain control by the end of today, there’s a likelihood of a breakthrough, leading to a potential shift towards the $560 area.
Looking at the long-term perspective, the value of the local currency’s native coin has increased following what appears to be a misleading drop below the $535.40 support level. Yet, it seems that the bulls may require additional time to gather strength for further growth.
In this case, sideways trading in the zone of $550-$560 is the more likely scenario.
Looking at the mid-term perspective, the value of BNB currently seems to be quite distant from its usual support and resistance levels. However, should the weekly closing price approach around $520, we might see a further decline reaching the $450-$500 region in the near future.
BNB is trading at $554.50 at press time.
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2024-10-04 18:04