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 market does not seem ready yet for a fast bounce back, according to CoinStats.
BNB/USD
The rate of Binance Coin (BNB) has dropped by almost 2% since yesterday.
On the hourly chart, the price of BNB is near the local support at $613.80.
If buyers cannot seize the initiative and the bounce back does not happen until the end of the day, traders may expect a test of the $610 mark tomorrow.
On the longer time frame, one should focus on the bar's closure in terms of the $616 level. If a breakout occurs, the accumulated energy might be enough for a further drop to the nearest support at $601.
From the midterm point of view, sellers are also more powerful than buyers. If the weekly bar closes below $601, there is chance to witness a sharp drop to the $550 zone soon.
BNB is trading at $621.26 at press time.
Denys Serhiichuk
Gamza Khanzadaev
Alex Dovbnya