Bulls Attempt to Maintain Initiative

Bulls are trying to hold the gained initiative at the end of the week, according to CoinStats.

BNB/USD

The price of Binance Coin (BNB) has risen by 2.52% over the last day.

On the hourly chart, the rate of BNB is near the local support of $605.5. However, if buyers can seize the initiative and the daily bar closes far from that mark, traders may expect a bounce back to the $620 area.

On the bigger time frame, focus on the nearest level of $632.14. Until its breakout occurs, sellers remain more powerful than buyers.

The volume remains low, indicating BNB is not ready for a sharp move yet.

From a midterm perspective, the rate of the native exchange coin is far from key levels. In this regard, pay attention to the closure around $600. If the weekly bar closes with no long wick, buyers may push the price back to $650.

BNB is trading at $605 at press time.