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The market needs time to accumulate energy for a further move, according to CoinStats.
BNB/USD
The rate of Binance Coin (BNB) has dropped by 2.5% over the last day.
On the hourly chart, the price of BNB is in the middle of the local channel, between the support of $675.30 and the resistance of $691.10.
As neither bulls nor bears have seized the initiative so far, sideways trading in the range of $675-$685 is the most likely scenario.
On the bigger time frame, the rate of the native exchange coin is falling after yesterday's bearish closure. If the candle closes near its bar low, the correction may continue to the $665-$670 area.
From the midterm point of view, the price of BNB has made a false breakout of the resistance of $697.73. If the candle closes far from that level, sellers may seize the initiative, which may lead to a drop to the $660 zone.
BNB is trading at $680.65 at press time.
Vladislav Sopov
U.Today Editorial Team