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The market is not ready for a continued upward move, according to CoinStats.
BNB/USD
The price of Binance Coin (BNB) has fallen by 0.28% over the last 24 hours.
On the hourly chart, the rate of BNB is coming back to the local support of $655.92. If sellers' pressure continues, one can expect a level breakout, followed by a test of the $650-$655 range.
On the longer time frame, the price of the native exchange coin has made a false breakout of yesterday's bar's low.
However, if the daily candle closes near $656.70, traders may witness an ongoing decline to the $645 mark.
From the midterm point of view, one should wait until the weekly candle's closure. If it happens far from the previous bar's high and with no long wick, growth may lead to a test of the resistance.
BNB is trading at $657.88 at press time.
Vladislav Sopov
U.Today Editorial Team