Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
The cryptocurrency market is trading sideways as neither bulls nor bears are dominating today.
Top coins by CoinMarketCap
BNB/USD
The price of Binance Coin (BNB) is unchanged over the last 24 hours.
Image by TradingView
On the local time frame, the rate has made a false breakout of the resistance at $306.4 against increased volume. If the daily bar closes above the $304 mark, the growth may lead to the test of $308-$310 zone tomorrow.
Image by TradingView
On the daily chart, the rate of Binance Coin (BNB) has bounced off the support at $302.2. As there are no reversal signals yet, one can expect a sharp drop below the vital $300 zone. Thus, enough energy has been accumulated so far for such a move.
Image by TradingView
From the midterm point of view, the rate of Binance Coin (BNB) is trading in the middle of a wide channel, between the support at $281 and the resistance at $350.
However, if a breakout of the $300 mark happens, the test of the lower level may take place within the next few days.
BNB is trading at $304.9 at press time.