Most of the coins are bouncing off today, according to CoinMarketCap.

Top coins by CoinMarketCapBNB/USD

The rate of Binance Coin (BNB) has risen by 2.54% over the last 24 hours.

Image by TradingView

On the hourly chart, the price of BNB is near the local resistance of $554.50. If buyers can hold the gained initiative by the end of the day, one can expect a breakout, followed by a move to the $560 zone.

Image by TradingView

On the bigger time frame, the rate of the native exchange coin is rising after a false breakout of the support of $535.40. However, bulls might need more time to accumulate energy to keep rising. 

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In this case, sideways trading in the zone of $550-$560 is the more likely scenario.

Image by TradingView

From the midterm point of view, the price of BNB is far from support and resistance levels. But if the weekly bar closes near the $520 mark, the fall may continue to the $450-$500 range soon.

BNB is trading at $554.50 at press time.