Despite seller pressure, bulls are trying to control the situation in the cryptocurrency market. Let's look at how the situation with Binance Coin is developing.
Current Price Dynamics
Over the last 24 hours, the Binance Coin (BNB) rate has increased by 1.86%. Currently, BNB is trading at $595.44.
Short-term Prospects
On the hourly chart, the price appears bearish as it is near the local support of $591.21. If the situation does not change, a breakout may occur, leading to a move to the $580-$585 zone.
Long-term Forecasts
In the bigger time frame, the picture is rather more bearish. If the daily bar closes with a long wick, it might indicate a correction to the $580 area. On the weekly chart, bulls might still push forward. If the bar closes near the resistance of $612.60, this may fuel a rise into the $640-$680 range.
While short-term market challenges may arise, long-term forecasts for Binance Coin remain positive if the resistance at $612.60 is breached.
