U.Today - Bulls keep controlling the situation on the cryptocurrency market, according to CoinStats.
BNB chart by CoinStats
BNB/USD
Binance Coin (BNB) is one of the biggest gainers today, rocketing by 6.72%.
On the hourly chart, the rate of BNB has made a false breakout of the local resistance level of $589. If the daily bar closes far from that mark, traders may witness a drop to the $575-$580 zone.
On the daily time frame, one should pay attention to the vital zone of $600. If the price gets back to it, the accumulated energy might be enough for a blast to the $640 range.
From the midterm point of view, the rate of BNB is far from the support and resistance levels. Even if the weekly candle closes bullish, buyers need more time for a further upward move.
All in all, sideways trading in the area of $570-$620 is the more likely scenario.
BNB is trading at $583.90 at press time.
This content was originally published on U.Today
