Will the rise of Binance Coin (BNB) continue?
Benefitting from the general trend in the cryptocurrency market, Binance Coin (BNB) has recorded a significant increase, and its price may continue to rise.
The BNB/USD pair has experienced a 4% increase in the last 24 hours. The asset has seen a 10% rise over the past week.
When looking at the hourly chart, it can be observed that BNB is approaching the resistance level of $366.8. If the daily close occurs at this level, the asset’s price could potentially reach the $370-375 range over the weekend.
On the daily chart, a different scenario unfolds. BNB made a fakeout from yesterday’s candle peak. If the closing occurs far from the candle peak, sellers could take control, leading to a correction down to $350.
There is also a possibility for the asset to potentially test the $380 – $400 region by the end of the month.
BNB is currently trading at $356.6 as of the time of writing.
Note
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
