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.
Most of the coins are facing a bounce back after a sharp market fall, according to CoinMarketCap.
BNB/USD
The price of Binance Coin (BNB) has gone down by almost 1% over the last 24 hours.
On the hourly chart, the rate of BNB is trying to rise after a false breakout of the local support level of $568.7.
However, there are low chances to see a test of the resistance by tomorrow, as not enough energy has been accumulated yet.
On the bigger time frame, the price of BNB is far from the main levels. But if the rate gets back to the $550-$560 zone, one can expect a test of the $540 mark within the next few days.
From the midterm point of view, the picture is quite similar, however, one should wait until the bar's closure. If it happens around the current prices, sideways trading in the area of $540-$580 is the more likely scenario.
BNB is trading at $571.7 at press time.
Vladislav Sopov
Tomiwabold Olajide
Dan Burgin
U.Today Editorial Team