Most cryptocurrencies, including Binance Coin (BNB), remain under market pressure. We explore the current state and future prospects for BNB.
Current Market Situation
Today, the majority of coins are experiencing price declines. BNB is no exception, remaining at the same levels as yesterday. On the hourly chart, BNB is currently far from key support and resistance levels.
Short-Term Analysis of BNB
On a larger time frame, BNB's price has approached the interim support level of $500. If a breakout occurs, the decline may continue to the $450 range within the next few days.
Long-Term Prospects of Binance Coin
From a midterm perspective, it's too early to make long-term predictions. However, if the weekly candle closes far from its low, bulls may temporarily gain strength. In this case, testing the $550-$600 zone is possible. At press time, BNB is trading at $546.
Uncertainty remains in BNB's price development. Traders should be attentive to market changes and levels of support and resistance.
