As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market fluctuations and trends. Today’s brief market bounce back, as reported by CoinStats, did not last long in the case of Binance Coin (BNB). The rate of BNB has dropped by 1.67% since yesterday, which is a disappointment given the initial signs of recovery.
The market bounce back has not lasted long, according to CoinStats.
BNB/USD
The rate of Binance Coin (BNB) has dropped by 1.67% since yesterday.
On the hourly chart, the BNB price has shattered the nearby support level at $568.60. Should the daily closing price drop beneath this mark, the downward trend could persist toward the $560 area in the following day.
On the bigger time frame, one should pay attention to yesterday’s bar low.
Should a price drop occur beneath the $540-$550 range, it’s likely that this area will be retested before the end of the week.
Looking at the midterm perspective, the price of BNB has once more been unable to break through the resistance level at $585.30. If the weekly bar concludes significantly below this figure, bears may regain control, potentially causing a decline towards $550.
BNB is trading at $567.30 at press time.
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2024-07-18 19:31