What’s the latest trend in the cryptocurrency market? If you’re looking for an answer, the Binance Coin price analysis could provide some insights. Today, most cryptocurrencies seem to have found their bullish stride once again.
A Closer Look at Binance Coin’s Performance
The value of Binance Coin (BNB) has seen a slight increase of 0.30% in the last 24 hours, according to CoinMarketCap. A closer inspection of the hourly chart reveals that BNB’s price made a deceptive breakout of the local support level of $228. However, the coin didn’t stray far from this mark.
If the daily bar closes near this point, there’s a possibility of witnessing a breakout, which could be followed by a further drop to the $227 region.
Broader Time Frame Analysis
When we expand our view to a larger time frame, the situation appears more bearish than bullish. The coin couldn’t maintain its upward trajectory after yesterday’s bullish closure. In this context, a drop to the support level of $224 seems more probable in the coming days.
Midterm Outlook
From a midterm perspective, it’s essential to keep an eye on the weekly bar closure, specifically in relation to the previous candle low of $224. If the closure occurs significantly away from this point, we might see a correction towards the $240 area soon. At the time of writing, BNB is trading at $228.3.
For those who wish to keep a close watch on the market trends, applications like cryptoview.io can prove to be extremely beneficial. This platform provides real-time data and comprehensive analysis tools, helping users make informed decisions about their cryptocurrency investments.
