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Binance Coin (BNB) Price Prediction for June 12

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Wed, 12/06/2024 - 9:00
Binance Coin (BNB) Price Prediction for June 12
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The cryptocurrency market keeps going down, according to CoinMarketCap.

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Top coins by CoinMarketCap

BNB/USD

The price of Binance Coin (BNB) has declined by 0.26% over the last 24 hours.

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Image by TradingView

On the hourly chart, the rate of BNB has broken the local resistance level of $611.6. If buyers can hold the initiative until the end of the day, a bounce back may continue to the $620-$630 zone.

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Image by TradingView

On the bigger time frame, the price of BNB has made a false breakout of yesterday's low. However, it is too early to think about a trend reversal as not enough energy has been accumulated yet. 

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In this case, sideways trading in the area of $600-$630 is the more likely scenario.

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Image by TradingView

From the midterm point of view, the rate of BNB is far from key levels. At the moment, one should pay attention to the $600 mark. If it breaks out, the correction may lead to the test of the $550 range.

BNB is trading at $612 at press time.

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