The market is trading sideways today, according to the CoinMarketCap ranking.
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BNB/USD
Binance Coin (BNB) is one of the biggest losers today, going down by 2.75%.
Image by TradingView
Despite the fall, the rate of Binance Coin (BNB) has sharply bounced off the local support level at $322.9. At the moment, traders should pay attention to the daily closure. If it happens near the resistance at $325.8, the growth may continue to the $330 zone.
Image by TradingView
On the bigger time frame, the situation is quite the opposite, as the rate is located closer to the support than to the resistance. If buyers cannot cope with sellsers' pressure, the breakout of the $320 mark may be a prerequiste for a sharp drop to the $300-$310 zone.
Such a scenario is relevant until the end of the week.
Image by TradingView
On the daily chart against Bitcoin (BTC), the price of Binance Coin (BNB) could not keep up yesterday's growth; however, the rate keeps trading sideways. As none of the sides has seized the initiative yet, ongoing consolidaiton in the range of 0.011-0.0118 is the more likely scenario for the next few days.
BNB is trading at $325 at press time.