Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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.
Such 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.
Alex Dovbnya
Gamza Khanzadaev
