As a seasoned crypto investor with years of experience under my belt, I have learned to keep a close eye on market trends and price movements. According to CoinMarketCap, buyers are making a comeback, which is evident from the slight increase in the rate of Binance Coin (BNB) by 0.69% over the last 24 hours.
Buyers are coming back to the game, according to CoinMarketCap.
BNB/USD
The rate of Binance Coin (BNB) has risen by 0.69% over the last 24 hours.
As an analyst, I observe on the hourly chart that the BNB price hovers around the midpoint of a narrow range. Specifically, it currently sits between the supportive level at $580.6 and the resistant barrier at $589.
As a crypto investor, I’ve noticed that the trading volume has decreased lately. This indicates that the market activity is low, and it’s unlikely that we’ll see any significant price swings before the end of the day.
From a long-term perspective, I observe that the price of the native exchange coin hovers below the significant resistance level at $605.90. Consequently, if buyers fail to maintain their position above the intermediate support zone at $580, we could witness a further price decline towards the $570 range.
Looking at the mid-term perspective, it is recommended to pay attention to the closing prices of weekly bars in relation to the previous bar’s peak, which was around $600. If the bulls manage to surpass this significant level, further growth could potentially lead to a challenge of the $640 region.
BNB is trading at $586.40 at press time.
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2024-07-24 18:17