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.
The correction continues on the cryptocurrency market as most of the coins are in the red zone.
BNB/USD
Binance Coin (BNB) could not withstand the bears' pressure, falling by 4.82% over the last 24 hours.
Despite the drop, the price has made a false breakout of the local support level at $302.8. At the moment, the rate of Binance Coin (BNB) is trading in the middle of the channel, however, if the growth continues to the $309 mark, the rise may lead to the further test of the $315 zone soon.
On the daily time frame, one should pay attention to the limit level of $302. Until the rate is above it, buyers might locally seize the initiative. From another point of view, the accumulated energy is not enough for midterm growth.
In this case, sideways trading in the range of $305-$310 is the more likely scenario for the next few days.
The current drop has not affected the overall technical position of Binance Coin (BNB). The native exchange coin keeps accumulating strength in the channel. Such a statement is confirmed by the decreasing volume, which means that none of the sides is ready for sharp growth. All in all, traders might see the price of BNB in the area of $300-$340 by the end of the month.
BNB is trading at $307 at press time.
Godfrey Benjamin
Yuri Molchan
Mushumir Butt
