The cryptocurrency market is trading sideways as neither bulls nor bears are dominating today.
Top coins by CoinMarketCap
BNB/USD
The price of Binance Coin (BNB) is unchanged over the last 24 hours.
Image by TradingView
On the local time frame, the rate has made a false breakout of the resistance at $306.4 against increased volume. If the daily bar closes above the $304 mark, the growth may lead to the test of $308-$310 zone tomorrow.
Image by TradingView
On the daily chart, the rate of Binance Coin (BNB) has bounced off the support at $302.2. As there are no reversal signals yet, one can expect a sharp drop below the vital $300 zone. Thus, enough energy has been accumulated so far for such a move.
Image by TradingView
From the midterm point of view, the rate of Binance Coin (BNB) is trading in the middle of a wide channel, between the support at $281 and the resistance at $350.
However, if a breakout of the $300 mark happens, the test of the lower level may take place within the next few days.
BNB is trading at $304.9 at press time.
Yuri Molchan
Tomiwabold Olajide