With bulls trying to hold the initiative, Binance Coin shows a 2.52% price rise over the past day. Let's examine the key levels and potential scenarios.
Current Market Situation
According to CoinStats, bulls are trying to maintain their grip as the week draws to a close. Binance Coin (BNB) is trading at $605 at press time.
Charts and Support Levels
On the hourly chart, BNB is positioned near the local support at $605.5. However, if buyers can rally and close the daily bar far from this level, a bounce back to the $620 area might be expected. The mid-term focus remains on the $632.14 level since sellers are predominant until it's broken.
Mid-Term Prospects
Trading volumes remain low, indicating that BNB is not yet primed for a sharp move. Key level dynamics should be watched around the $600 mark. If the weekly bar closes without a long wick, buyers might push the price back to $650.
The current position of Binance Coin suggests potential bull strengthening. The upcoming support and resistance levels will play a crucial role in its short-term trend.
