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Buyers could not maintain the rise, and the weekend has started with a correction on the cryptocurrency market.
Top coins by CoinMarketCap
The rate of Binance Coin (BNB) has almost not changed since yesterday.
Image by TradingView
The price of Binance Coin (BNB) has set the local resistance level at $242.2, however, it failed to fix above it. If the bar closes far from that mark, the rate of the native exchange coin may decline to the support at $240.
Such a scenario is relevant until the end of the day.
Image by TradingView
From the technical point of view, the price of BNB is still trading sideways as the rate is in the middle of the wide channel between the support at $220 and the resistance at $260.7.
Image by TradingView
A similar picture is on the weekly time frame as the rate is far from the support and the resistance. The falling volume confirms that the rate of BNB is not ready for a sharp move yet. In this case, sideways trading in the range of $240-$250 is the more likely scenario until mid-August.
BNB is trading at $241.4 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.
