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.
The last day of the week is about to be bearish for most of the coins, according to CoinMarketCap.
BNB/USD
The rate of Binance Coin (BNB) has fallen by 5.13% since yesterday. Over the last week, the price has risen by 7%.
On the hourly chart, the price of BNB is in the middle of the local channel between the support at $548.6 and the resistance at $590.4. As most of the ATR has been passed, any sharp moves are unlikely to happen today.
On the bigger time frame, the situation is also unclear as the rate is far from the key levels. If buyers want to maintain the midterm growth, they need to restore the price above the vital zone of $600.
Only in that case is there a chance of a resistance breakout.
On the weekly chart, the candle is about to close far from its peak, which means that bulls are not as powerful as before. In this regard, traders may witness a local correction to the $500 area by the end of the month.
BNB is trading at $565 at press time.
Yuri Molchan
Tomiwabold Olajide
Godfrey Benjamin
