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Neither bulls nor bears have seized the initiative on the cryptocurrency market yet.
Top coins by CoinMarketCap
The price of Binance Coin (BNB) has declined by 0.60% since yesterday.
Image by TradingView
The rate of Binance Coin (BNB) is also looking bearish on the hourly time frame. If the price remains below the $239.7 mark, there is a high possibility of seeing a test of the $235 mark soon. Such a scenario is relevant until the end of tomorrow.
Image by TradingView
The situation is also bearish on the bigger chart, as the rate has failed to fix above the $240 zone. If buyers cannot seize the initiative shortly, the drop may continue to the next support area of $230-$235.
Image by TradingView
From the midterm point of view, traders should focus on the zone around $235. If the bar closes near that mark, the decline may lead to a further downward move to $220. Such a scenario is relevant until the end of the month.
BNB is trading at $239 at press time.
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.
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Disclaimer: The opinions expressed here are not investment advice; they are provided for informational purposes only. The opinions expressed by our writers are their own and do not represent the views of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. We do not recommend investing money you cannot afford to lose.
