Midweek reveals an upward trend in the cryptocurrency market, excluding BNB.
Overall Cryptocurrency Market Overview
According to CoinMarketCap, most cryptocurrencies are experiencing price increases in midweek. This indicates positive market sentiment.
Binance Coin (BNB) Dynamics
Contrary to most cryptocurrencies, Binance Coin (BNB) has decreased by 0.38% compared to the previous day. On the hourly chart, the price approaches local support at $627.48. If this breaks downwards, a decline to $625 by tomorrow is likely.
Midterm Forecast for BNB
On larger time frames, the picture appears bearish. If the daily candle closes below the previous low, this might lead to testing the important $600 zone by the end of the month. From the current standpoint, neither side has seized the initiative. If the weekly candle closes in the current range, sideways trading in the $600-$650 area can be expected.
At press time, BNB is trading at $629.10. Future movement will depend on behavior at key support and resistance levels.
