As a seasoned crypto investor with a knack for spotting trends and a keen eye for market movements, I find myself intrigued by the recent surge of Binance Coin (BNB). Having witnessed the rollercoaster ride that is the cryptocurrency market, I can’t help but feel a sense of deja vu as I see the prices reaching new heights.
The market keeps setting new peaks, according to CoinMarketCap.
BNB/USD
The rate of Binance Coin (BNB) has risen by 2.68% over the last 24 hours.
On an hourly timeframe, the price of BNB could be establishing a temporary ceiling at around $644.20. With much of the daily Average True Range (ATR) having already been surpassed, significant price swings are less likely to occur before the end of today.
On a larger time scale, it’s important to focus on the closing position of the candlestick, particularly the level that results from a false breakout.
If it happens far from it, there is a chance of a correction to the $610-$620 zone.
A more optimistic scenario appears on the weekly graph. If the candlestick ends near its current price points and significantly distant from the $612.60 mark, the trend could extend towards the crucial region of $700 before the end of this month.
BNB is trading at $634.48 at press time.
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2024-11-10 19:09