Recent movements in the cryptocurrency market indicate potential shifts. Let's dive into the analysis of Binance Coin (BNB).
Hourly Chart Analysis
On the hourly chart, the rate of BNB is in the middle of the local narrow channel, between the support of $607.12 and the resistance of $625.22. If the growth continues to the upper line, one can expect a level breakout, followed by a move to the $630–$640 range.
Daily Chart and Support Levels
On the daily chart, the price of BNB has once again bounced off the support of $610. If the bar closes far from that mark, there is a chance to see growth to the middle of the channel by the end of the week.
Midterm Perspectives
From the midterm point of view, the rate of the native exchange coin is far from support and resistance levels. If nothing changes by the end of the week, consolidation in the range of $610–$650 is the more likely scenario.
As of now, BNB is trading at $618.20. Understanding these dynamics could be crucial for investors anticipating market movements.
