Denys Serhiichuk
Has price of Binance Coin (BNB) accumulated enough energy to bounce back?
The cryptocurrency market is bouncing back, according to CoinStats.
BNB chart by CoinStats
BNB/USD
The price of Binance Coin (BNB) has fallen by 0.38% over the past day.
Image by TradingViewOn the hourly chart, the rate of SOL has broken the local resistance level of $571.1. If the daily bar closes above it, the growth may continue to the $590-$600 zone soon.
Image by TradingViewOn the bigger time frame, the price has made a false breakout of yesterday’s low. However, the rate of SOL does not have enough strength for a continued bull run.
In this case, sideways trading in the range of $570-$590 is the more likely scenario.
Image by TradingViewFrom the midterm point of view, the situation is quite similar. As none of the sides has seized the initiative yet, traders may expect ongoing consolidation in the zone of $550-$600 by the end of the month.
BNB is trading at $580 at press time.
About the author
Denys Serhiichuk
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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