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The market is mainly trading sideways today, according to CoinMarketCap.
BNB/USD
The rate of Binance Coin (BNB) has increased by 0.81% over the past 24 hours.
On the hourly chart, the price of BNB is trading near the local support level of $233.4. If the daily bar closes near it, the breakout may lead to a blast to the $230 zone tomorrow.
Today's move has not affected the overall technical position of BNB on the daily time frame. The volume keeps going down, which means that ongoing sideways trading in the area of $220-$240 is the more likely scenario until the end of the week.
From the midterm point of view, traders should pay attention to the bar's closure in terms of the previous candle low. If it happens below that mark, the correction may continue to the $210 zone soon.
BNB is trading at $233.8 at press time.
Dan Burgin
Yuri Molchan
