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The cryptocurrency market keeps going down, according to CoinMarketCap.
BNB/USD
The price of Binance Coin (BNB) has declined by 0.26% over the last 24 hours.
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.
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.
Denys SerhiichukIn this case, sideways trading in the area of $600-$630 is the more likely scenario.
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.
Yuri Molchan
Alex Dovbnya
Dan Burgin
Vladislav Sopov
U.Today Editorial Team