BNB/USD Price Analysis
The Binance Coin (BNB) has experienced a 0.39% increase in its rate since yesterday. However, over the past week, the price has observed a 3.13% decline.
Looking at the hourly chart, the BNB rate appears bearish, approaching the local support level of $305.1.
If there is no change in the current situation by the end of the day, there is a possibility of a breakout towards the $300 zone.
On a larger time frame, BNB is still under the pressure of bears. It is crucial to monitor the $300 mark, and if bulls cannot maintain this level, a further decline to the $290 range is anticipated next week.
From a midterm perspective, neither buyers nor sellers have a dominant position. If the bar closes around the current prices, the likelihood of ongoing sideways trading between the $300 and $320 areas is high.
As of now, BNB is trading at $307.
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