As an analyst with over a decade of experience in the cryptocurrency market, I’ve seen my fair share of bull and bear markets. Today, I find myself analyzing the Binance Coin (BNB) price action, which has shown a 2.56% increase over the last 24 hours.
Buyers are trying to restore the lost positions, according to CoinStats.
BNB/USD
The price of Binance Coin (BNB) has increased by 2.56% over the last 24 hours.
As a researcher, I’m observing an interesting trend with BNB today. Although it’s experiencing growth, my analysis on the hourly chart indicates a potentially bearish outlook. The price is currently trending towards a local support level at approximately $684.39. If we see a breakout from this support, there seems to be accumulated energy that could potentially drive a quick test of the $680 zone in the near future.
Keep an eye on the immediate key level around $700 in daily charts. If the price revisits this zone and manages to stay above it, we might witness further upward momentum towards the $720 region before the week concludes.
Looking ahead from the perspective of the upcoming midterm, it’s still premature to establish long-term forecasts since the bar will be closing in just a few days.
If the candle ends at its current price level, it might signal a period of fluctuation within the range of approximately $640 to $740.
BNB is trading at $686.39 at press time.
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2024-12-24 16:19