The cryptocurrency market has faced a correction after a few days of sharp rise.
BNB/USD
The price of Binance Coin (BNB) has dropped by 1.59% over the last 24 hours.
On the hourly chart, the price of Binance Coin (BNB) started Tuesday with the false breakout of the local support level; however, it failed to keep the rise going after a bounce back to the resistance at $276.6.
If the rate keeps going up, there are chances to see the drop to the $270 zone.
On the daily time frame, the situation is unclear as the price of Binance Coin (BNB) might have entered the consolidation phase after a few days of growth. Such a statement is also confirmed by the volume. In this case, the more likely scenario is sideways trading in the range of $270-$280.
An almost identical situation can be seen on the daily chart against Bitcoin (BTC). The bulls might have run out of power to keep the rise going. In this regard, traders are likely to see sideways trading in the narrow range of 0.0158-0.016 until the end of the current week.
Binance Coin is trading at $274.4 at press time.
Yuri Molchan
Godfrey Benjamin
Alex Dovbnya