Binance Coin (BNB) has demonstrated a bullish trend as the week concludes, showing consistent gains over both daily and weekly periods. Investors and traders are keenly observing its price action, especially as it approaches key resistance levels that could dictate its short-term trajectory and midterm potential.
Short-Term Price Dynamics
Currently trading at $871.40, BNB has seen a modest rise of 1.51% in the last 24 hours and a 1.16% increase over the past week. On the hourly chart, BNB is nearing a local resistance point at $873.80. Should bulls maintain this momentum and the daily candle closes at or above $873, an immediate ascent towards the $880 mark is anticipated. However, on a broader daily timeframe, with neither buyers nor sellers clearly dominating, sideways trading within the $860-$880 range appears to be the most probable scenario in the immediate future.
Midterm Growth Potential
Looking at the midterm perspective, the outlook for BNB appears more favorable for buyers. A significant development to watch for is the weekly candle's close. If BNB can manage to close its weekly bar near the $900 level, it could signal a decisive breakout from resistance. Such a breakthrough would likely pave the way for a sustained upward movement, potentially ushering in a more robust bullish phase for the cryptocurrency.
