Bulls Attempting a Comeback, Notes CoinStats
According to CoinStats, bulls are making an effort to regain control in the market.
BNB/USD Overview
Unlike other coins, the rate of Binance Coin (BNB) has experienced a 0.19% decline.
On the hourly chart, the price of BNB is approaching the local support level of $248.2. A potential breakout is anticipated if the daily candle closes around this mark, potentially leading to a surge towards the $245 zone.
Examining the daily time frame, the BNB rate is currently trading within yesterday’s candle, indicating a lack of initiative from either side. Consequently, ongoing sideways trading around $250 appears to be the more probable scenario in the coming days.
Weekly Outlook
On the weekly chart, traders are advised to closely monitor the bar closure concerning the resistance level of $261.7. If the closure occurs near this level, there is a potential for further growth towards the $270-$280 zone.
As of press time, BNB is trading at $250.2.
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