Bears have turned out to be more powerful than bulls at the beginning of the weekend, according to CoinMarketCap.

BNB/USD

The price of Binance Coin (BNB) has fallen by 0.62% over the last day.

Despite today’s drop, the rate of BNB is approaching the local resistance of $599.99. If the daily bar closes around that mark or above, one can expect a test of the $605 zone soon.

On the bigger time frame, neither bulls nor bears are dominating. The volume remains low, which means there are low chances to see sharp moves shortly. 

In this case, sideways trading in the zone of $580-$610 is the more likely scenario.

From the midterm point of view, the situation is similar as the rate of the native exchange coin is far from key levels. If the weekly candle closes around current prices, traders are unlikely to see increased volatility.

BNB is trading at $598.10 at press time.