The latest data from CoinMarketCap indicates that most cryptocurrencies are experiencing a rebound following a recent market downturn. One such coin is Binance Coin (BNB), which has seen a slight decrease in price of nearly 1% over the last 24 hours.
Looking at the hourly chart, it appears that the price of BNB is attempting to increase following a false breakout of the local support level of $568.7. Despite this, there may not be enough momentum to test the resistance level by the next day.
On a larger time frame, BNB is currently far from its main levels. However, if the price manages to return to the $550-$560 zone, there is a possibility of testing the $540 mark in the coming days.
In terms of the midterm outlook, the situation remains similar. It is recommended to wait for the closure of the current price bar before making any decisions. In this scenario, it is likely that BNB will continue to trade sideways within the range of $540-$580. At the time of writing, BNB is trading at $571.7.
In conclusion, despite the recent market volatility, Binance Coin is showing signs of potential recovery. Traders are advised to monitor the price movements carefully and wait for confirmation before making any trading decisions. With the market showing some stability, there may be opportunities for profitable trades in the near future.
