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The crypto market has almost turned back to red, according to CoinStats.
BNB/USD
Binance Coin (BNB) is an exception to the rule, rising by 5.5% over the last 24 hours.
On the hourly chart, the rate of BNB might have set a local resistance of $808.81. At the moment, traders should focus on the daily bar closure in terms of that mark.
If it happens far from it and below the psychological $800 zone, one can expect a test of the support of $785.
On the longer time frame, the price of the native exchange coin has broken the $793 level. If bulls can hold the gained initiative and the candle closes above $800 and with no long wick, the rise may continue to a new all-time high.
From the midterm point of view, the picture is similar. However, the volume is falling, which means bulls might need some time to accumulate energy for a further move. In this regard, sideways trading in the range of $740-$770 is the most likely scenario.
BNB is trading at $796.29 at press time.
Vladislav Sopov
U.Today Editorial Team