U.Today – Bulls are trying to control the situation on the market despite sellers’ pressure, according to CoinStats.

The rate of (BNB) has increased by 1.86% over the last 24 hours.

On the hourly chart, the price of BNB is looking bearish as it is near the local support of $591.21.

If the situation does not change by the end of the day, there is a chance to see a breakout, followed by a move to the $580-$585 zone.

On the bigger time frame, the picture is rather more bearish than bullish. If the daily bar closes with a long wick and far from its peak, bears may seize the initiative, which might lead to a correction to the $580 area.

On the weekly chart, bulls still have the chance to grow further. If the bar closes near the resistance of $612.60, the energy might be enough for a blast to the $640-$680 range.

BNB is trading at $595.44 at press time.

This content was originally published on U.Today