Most cryptocurrencies, including Binance Coin (BNB), are returning to the 'green zone.' Let's examine BNB's price dynamics and future prospects.
Market Status
Today, most cryptocurrencies show positive dynamics according to CoinStats. However, Binance Coin's rate has remained almost unchanged from the previous day.
Short-term Analysis
On the hourly chart, BNB's price is decreasing after reaching local resistance at $715.80. If sellers' pressure continues, the decline may reach the $700 level by tomorrow.
Mid-term Prospects
On the bigger timeframe, the price is in the middle of a narrow channel between the support at $682.68 and the resistance at $732.11. As neither buyers nor sellers are dominating, sharp movements are unlikely. To regain control, buyers need to push the price back to the interim level of $740 and above.
At press time, BNB is trading at $707.50. While short-term changes are unlikely, closely monitoring price movements could help identify further trends.
