Analyst assesses the future of BNB: will the rise continue?

The cryptocurrency market is mostly bullish this Thursday, with Binance Coin (BNB) standing out, which has appreciated 5% in the last 24 hours, according to data from CoinStats. Despite the recent rise, market analysts are cautious about the asset’s next moves, with the possibility of corrections in the short term.

According to the BNB/USD chart, Binance’s native token has found a local resistance level at $548.20. This level could be a hurdle for BNB’s continued advance in the near term. If the weekly candlestick closes significantly below this resistance, the bears could regain control, pushing the price towards the $530 range.

Technical analysis suggests that in the short term, BNB price may face a battle between buyers and sellers. If BNB manages to break above the resistance at $548, the uptrend may strengthen. However, if the price pulls back from this level, there is a chance that the asset will enter a correction phase, retesting the support zone between $520 and $530.

BNB Analysis

Looking at the chart from a medium-term perspective, BNB continues to be on an upward trajectory after last day’s bullish close. However, if the weekly candle closes far from the peak reached recently, there is a possibility of a pullback to the $520-$530 zone, as highlighted by analysts.

Currently, BNB is trading around $539, and the market has yet to define a clear winner between buyers and sellers. This uncertainty points to a sideways scenario, with BNB oscillating within a wide price range between $520 and $600.

In the long-term view, the situation for BNB remains unclear. The weekly chart shows that the price of Binance’s native coin is far from both significant support and resistance levels. This behavior suggests that the market is still consolidating its strength before establishing a clear direction.

Analysts believe that if BNB manages to stay above $530, the asset could start to rise again, aiming for new highs. However, if the price breaks below this support, investors should be wary of a possible sharper drop.

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