As a seasoned researcher with a decade of experience in the cryptocurrency market, I have seen more than my fair share of rollercoaster rides. Today, while most coins are basking in the green, Binance Coin (BNB) seems to be taking a brief breather.
Looking at the hourly chart, BNB is on a downward trajectory after hitting a local resistance at $715.80. If the sellers keep up the pressure, we might see the price drop to the $700 zone by tomorrow. On the bigger time frame, BNB is comfortably nestled within its narrow channel, with the support at $682.68 and resistance at $732.11.
At this point, neither buyers nor sellers seem to be in the driver’s seat, so any sudden moves are unlikely in the short term. However, if the bulls want to reclaim their turf, they need to push the price above the interim level of $740.
From a mid-term perspective, it’s still too early to make any predictions with certainty as we approach the end of the month. But if BNB wants to get back in the game, it needs to step up its performance!
As I always say, “In crypto, the only constant is change!” And who knows, maybe tomorrow we’ll see BNB soaring like a phoenix from the ashes!
Most of the coins have returned to the green zone today, according to CoinStats.
BNB/USD
The rate of Binance Coin (BNB) has almost not changed since yesterday.
Looking at the one-hour chart, the value of BNB has been decreasing since reaching a local resistance point at approximately $715.80. Should selling pressure persist, we might see the price sliding down towards the $700 area by the next day.
Over a larger timescale, I find myself observing that the value of our native exchange coin hovers within a tight range. This range is defined by a supportive level at approximately $682.68 and a resistant level at around $732.11.
As neither buyers nor sellers are dominating, any sharp moves are unlikely to happen shortly.
As an analyst at this juncture, I can’t yet venture any predictions due to the remaining days before the market closure. But, for investors aiming to re-enter the market, it would be crucial for the price to rebound to, or surpass, the temporary level of $740 prior to making a move.
BNB is trading at $707.50 at press time.
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2025-01-02 19:19