As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market ups and downs. And right now, the bearish trend continues to dominate the scene. According to CoinMarketCap, Binance Coin (BNB) has taken a hit, losing 0.26% over the last 24 hours.
The cryptocurrency market keeps going down, according to CoinMarketCap.
BNB/USD
The price of Binance Coin (BNB) has declined by 0.26% over the last 24 hours.
On the hourly chart, the price of BNB has breached the previous resistance at $611.6. Should buyers maintain control by the close of the day, a potential rebound could occur, pushing the price towards the $620 to $630 range.
On a larger scale, yesterdays low was surpassed by BNB‘s price momentarily, but this appears to be a false breakout. At present, it seems premature to assume a trend reversal given that there hasn’t been sufficient buildup of buying power yet.
In this case, sideways trading in the area of $600-$630 is the more likely scenario.
From a mid-term perspective, the BNB rate hasn’t reached crucial points yet. Currently, it’s essential to keep an eye on the $600 threshold. Should this level be breached, a correction might ensue, potentially leading to a test of the $550 zone.
BNB is trading at $612 at press time.
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2024-06-12 12:14