The cryptocurrency market is slightly rising, according to CoinMarketCap.

BNB/USD

The rate of Binance Coin (BNB) has increased by 2% over the last 24 hours.

The price of BNB is in the middle of a wide channel, between the support of $599.6 and the resistance of $618.3. From the technical point of view, there are low chances to expect any sharp moves until the end of the day as most of the daily ATR has been passed. 

On the bigger time frame, neither bulls nor bears are dominating as the rate is far from the key levels. Such a statement is also assumed by the falling volume. 

In this case, sideways trading in the zone of $600-$620 is the more likely scenario for the next few days.

On the weekly chart, one should pay attention to the vital zone of $600. If the candle closes above it, traders may expect a test of the resistance level of $645.2 by the end of the week.

BNB is trading at $607.6 at press time.

About the author


Denys Serhiichuk