Currently, the price of Binance Coin (BNB) is experiencing a slight upward trend compared to previous weeks, reaching around $636 - $639 USD. In the past 24 hours, BNB's trading volume exceeded 5 billion USD, with an increase of approximately 4.5% for the day.
Technical Analysis:
• Short-term outlook: BNB is currently in a strong support price range around $622 and near resistance at $650. This could be a good opportunity for short-term buying trades, but it is necessary to closely monitor market volatility.
• Long-term outlook: Data shows that BNB has grown steadily over the past month, increasing by more than 31%, reflecting the overall recovery of the cryptocurrency market. For long-term investors, the price range of $600 - $700 could be a good opportunity to accumulate.
Influencing Factors:
1. Binance Ecosystem: BNB is the central currency of the Binance exchange, with utilities such as reduced trading fees and participation in DeFi projects and Launchpad. This drives the demand for holding BNB.
2. Market Volatility: The trend of Bitcoin and the overall development of the cryptocurrency market significantly affect BNB. Assess the risks before investing. If you want to invest for the long term, consider additional macro information or legal factors related to the Binance exchange.
You can refer to additional charts and technical analysis from reputable sources like TradingView or Investing to make appropriate decisions.
