The rise of most of the coins has stopped, according to CoinStats.
BNB chart by CoinStatsBNB/USD
The rate of Binance Coin (BNB) has dropped by 2.62% over the last day.
Image by TradingView
On the hourly chart, the price of BNB is looking bullish as it is on its way to testing the local resistance level of $576.40. If the bar closes near it, there is a chance of a breakout, followed by a move to the $580 zone.
Image by TradingView
On the bigger time frame, the rate of the native exchange coin is far from the support and resistance. It means that none of the sides is ready for a sharp move.
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Such a statement is also confirmed by low volume. All in all, sideways trading in the wide range of $560-$590 is the most likely scenario.
Image by TradingView
From the midterm point of view, the picture is quite similar. If the weekly candle closes around current prices, traders may witness an ongoing consolidation between $550 and $600.
BNB is trading at $574.40 at press time.
