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Neither bulls nor bears are controlling the situation on the market today, according to the CoinMarketCap ranking.
Top coins by CoinMarketCap
BNB/USD
Binance Coin (BNB) is the biggest loser today, going down by 2.25%.
Image by TradingView
On the hourly chart, the price of Binance Coin (BNB) is trading in the middle of a narrow range, between the support at $319.1 and the resistance at $324.1. As most of the daily ATR has been passed, consolidation in the area around $320 is the more likely scenario until tomorrow.
Image by TradingView
Bears continue their pressure on the daily time frame as the rate is slowly approaching the support level. At the moment, traders should focus on the interim mark of $320. If the candle closes below it, the drop may lead to a decline to the zone of $300 within the next few days.
Image by TradingView
From the midterm point of view, the situation is better to a certain extent as the rate remains trading closer to the resistance than to the support. However, if the fall continues to $300, it might be a prerequisite for a test of the $250 zone.
BNB is trading at $321.5 at press time.
Vladislav Sopov
Tomiwabold Olajide
Dan Burgin
Alex Dovbnya