As a seasoned analyst with years of experience in the volatile world of cryptocurrencies, I find myself intrigued by the current trajectory of Binance Coin (BNB). Having weathered numerous market storms and witnessed the rise and fall of digital currencies, I have learned to read the charts like a map to hidden treasures.
Bulls keep controlling the situation on the cryptocurrency market, according to CoinStats.
BNB/USD
Binance Coin (BNB) is one of the biggest gainers today, rocketing by 6.72%.
On the hourly chart, the price of BNB appears to have prematurely breached its nearby resistance at around $589. Should the day’s closing price deviate significantly from this level, traders might observe a potential decrease in value, possibly bringing it back into the range between $575 and $580.
On a day-by-day basis, keep an eye on the significant area around $600. If the price revisits this level, there could be sufficient built-up force to propel it towards the $640 range.
Looking at the midpoint perspective, the price of BNB is noticeably distant from its both support and resistance zones. Regardless of a potential bullish close in the weekly chart, additional time is required for the price to make another significant rise.
All in all, sideways trading in the area of $570-$620 is the more likely scenario.
BNB is trading at $583.90 at press time.
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2024-08-22 19:19