Despite the ongoing pressure from sellers, some cryptocurrencies are showing positive trends. Let's delve into the current state of Binance Coin (BNB).
Current Situation
The price of Binance Coin (BNB) has decreased by 0.26% from yesterday. On the hourly chart, BNB's rate is trading within a narrow range between the support of $576.61 and the resistance of $586.80.
Daily Chart Analysis
If the daily bar closes near the upper level, the accumulated energy might be enough for a test of the $600 area. On larger time frames, the price is far from key levels.
Midterm Forecast
From a midterm point of view, the picture is similar. If the weekly candle closes around current prices, traders are unlikely to witness sharp moves by the end of the month. Currently, BNB is trading at $583.41.
With the current market conditions, the fluctuations between $570 and $600 continue. Without clear dominance from either side, price consolidation seems the most likely scenario.
