The cryptocurrency market keeps going down, according to CoinMarketCap.
Top coins by CoinMarketCapBNB/USD
The price of Binance Coin (BNB) has declined by 0.26% over the last 24 hours.
Image by TradingView
On the hourly chart, the rate of BNB has broken the local resistance level of $611.6. If buyers can hold the initiative until the end of the day, a bounce back may continue to the $620-$630 zone.
Image by TradingView
On the bigger time frame, the price of BNB has made a false breakout of yesterday's low. However, it is too early to think about a trend reversal as not enough energy has been accumulated yet.
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In this case, sideways trading in the area of $600-$630 is the more likely scenario.
Image by TradingView
From the midterm point of view, the rate of BNB is far from key levels. At the moment, one should pay attention to the $600 mark. If it breaks out, the correction may lead to the test of the $550 range.
BNB is trading at $612 at press time.
