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Buyers could not maintain the rise, and the weekend has started with a correction on the cryptocurrency market.
Top coins by CoinMarketCap
BNB/USD
The rate of Binance Coin (BNB) has almost not changed since yesterday.
Image by TradingView
The price of Binance Coin (BNB) has set the local resistance level at $242.2, however, it failed to fix above it. If the bar closes far from that mark, the rate of the native exchange coin may decline to the support at $240.
Denys SerhiichukSuch a scenario is relevant until the end of the day.
Image by TradingView
From the technical point of view, the price of BNB is still trading sideways as the rate is in the middle of the wide channel between the support at $220 and the resistance at $260.7.
Image by TradingView
A similar picture is on the weekly time frame as the rate is far from the support and the resistance. The falling volume confirms that the rate of BNB is not ready for a sharp move yet. In this case, sideways trading in the range of $240-$250 is the more likely scenario until mid-August.
BNB is trading at $241.4 at press time.
Tomiwabold Olajide
Yuri Molchan
Vladislav Sopov
Dan Burgin