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BNB/USD
The rate of Binance Coin (BNB) has fallen by 5.54% since yesterday.
Image by TradingView
The price of BNB is in the middle of the local channel, between the support at $213.5 and the resistance at $220.3. If today's bar closes near the $220 mark, bulls might seize the initiative, which can lead to a test of $224 tomorrow.
Image by TradingView
Yesterday's dump has formed a local peak at $212.5. At the moment, traders are unlikely to see sharp moves. However, the rate of BNB does not have enough energy yet for a bounce back.
All in all, sideways trading between the $215 and $220 mark is the more likely scenario for the next few days.
Image by TradingView
On the weekly chart, traders should focus on the $214.8 level. If the candle closes near it, it means that one can expect one more wave of decline. If that happens, there is a chance of seeing a test of the $200 area.
BNB is trading at $217.5 at press time.
Vladislav Sopov