The cryptocurrency market is experiencing a decline, particularly with Binance Coin (BNB). This article reviews the current market situation, short-term and long-term forecasts.
Current Binance Coin Indicators
As of press time, the price of Binance Coin (BNB) is $848.09, down 1.82% from the previous day. The price is closer to the resistance level than to the support level.
Short-term Forecasts
If the $849 mark breaks, there is a likelihood of growth to the $860 mark by tomorrow. However, if seller pressure continues, a drop to the $800 zone may occur.
Long-term Trends
In the long-term timeframe, the outlook is less positive for buyers. The Binance Coin price is nearing support at $820. If it closes below this mark, a dump to the $800 zone might happen. Trading volume has declined, suggesting low chances of sharp movements by the end of the month.
In summary, the observed price dynamics of Binance Coin indicate market instability. Long-term forecasts remain under pressure, while short-term scenarios depend on the potential breakthrough of key levels.
