Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The market keeps setting new local lows, according to CoinMarkertCap.
BNB/USD
The rate of Binance Coin (BNB) has dropped by 4.83% over the last 24 hours.
On the hourly chart, the price of BNB has made a false breakout of the local support of $900. However, one should focus on the daily bar's closure in terms of that mark. If it happens far from that, traders may expect a bounce off to the resistance.
On the longer time frame, there are no reversal signals yet. The rate of the native exchange coin keeps going down after a false breakout of the $1,007 resistance.
However, if the daily candle closes far from its low, there is a chance to see local growth to the $950 range.
From the midterm point of view, the situation is similar. One should pay attention to the closest level of $860. If the bar closes below it, the decline is likely to continue to the $750-$800 range.
BNB is trading at $915.65 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team