Binance Coin (BNB) Surges 2.82% Amid Bullish Sentiment

Binance Coin (BNB) has experienced a notable increase in its value, rising by 2.82% over the past day. This upward trend has been driven by bullish sentiment, which has been more powerful than bearish forces, according to CoinStats.

On the hourly chart, the price of BNB has been on a downward trajectory after reaching a local resistance level of $643.94. The continued pressure from sellers suggests that there may be a test of the support level by tomorrow. This indicates a potential short-term correction in the price of BNB.

Looking at the bigger picture, the daily candle's closure in relation to the $643.72 level is crucial. If the closure is far from this level, bears may take control, leading to a correction down to $619.90. This scenario highlights the importance of monitoring the daily price movements to gauge the short-term direction of BNB.

From a mid-term perspective, the outlook for BNB remains bullish. If the weekly bar closes around the current prices, it is expected that there will be a level breakout, followed by a test of the $660-$680 zone. This suggests that despite short-term fluctuations, the overall trend for BNB is positive, with potential for further gains in the near future.

At the time of press, BNB is trading at $634.07, reflecting the recent gains and the ongoing bullish sentiment in the market. This price point is a result of the interplay between bullish and bearish forces, with bulls currently holding a stronger position.