Original U.Today article
Can buyers keep price of Binance Coin (BNB) above $600?
The cryptocurrency market keeps going down, according to CoinMarketCap.
![](http://u.today/sites/default/files/inline-images/top10_1174.png)
BNB/USD
The price of Binance Coin (BNB) has declined by 0.26% over the last 24 hours.
![](http://u.today/sites/default/files/inline-images/bnb1_82.png)
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.
![](http://u.today/sites/default/files/inline-images/bnb2_77.png)
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.
Related
In this case, sideways trading in the area of $600-$630 is the more likely scenario.
![](http://u.today/sites/default/files/inline-images/bnb3_82.png)
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.
About the author
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.
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