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The cryptocurrency market might need time to accumulate energy for a further move, according to CoinStats.
BNB/USD
The rate of Binance Coin (BNB) has fallen by almost 7% over the last 24 hours.
On the hourly chart, the price of BNB is in the middle of the local channel, between the support of $227.7 and the resistance of $238.5. As most of the daily ATR has been passed, there are low chances to see any sharp moves today.
On the bigger time frame, the situation is not clear yet as the rate is far from the key levels. At the moment, one should focus on the nearest zone of $220.
If sellers break it, the decline may continue to the $200-$210 range soon.
On the weekly chart, the price of BNB has made a false breakout of the resistance of $261.7. If the bar closes near current prices, one may expect a further downward move to $220.
BNB is trading at $232.6 at press time.
Alex Dovbnya
