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The market is mainly trading sideways as the prices of some coins are rising while others are falling.
BNB/USD
The rate of Binance Coin (BNB) has fallen by 1.15% over the last 24 hours.
On the hourly chart, the price of BNB is in the middle of the local channel, accumulating energy for a further move. This means that neither bulls nor bears have seized the initiative yet.
In this case, ongoing sideways trading in the area of $310-$315 is the more likely scenario.
A similar picture can be seen on the daily time frame. The volume has declined, which means there are low chances for ups or downs. Likewise, traders are likely to witness a consolidation between $300 and $330 by the end of the week.
From the midterm point of view, one should pay attention to the weekly bar closure in terms of the last candle peak. If it happens above $320, the rise may continue to the resistance of $338 soon.
BNB is trading at $312.7 at press time.
Alex Dovbnya
Valeria Blokhina
