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The last day of the week has started bullish for the cryptocurrency market.

The rate of Binance Coin (BNB) has increased by 0.39% since yesterday. Over the last week, the price has fallen by 3.13%.

On the hourly chart, the rate of BNB is bearish as it is near the local support level of $305.1.

If the situation does not change by the end of the day, one can expect a breakout to the $300 zone.

On the bigger time frame, BNB remains under bears' pressure. At the moment, one should pay attention to $300. If bulls lose this vital mark, the fall is likely to continue to the $290 range next week.

From the midterm point of view, neither buyers nor sellers are dominating. If the bar closes around the current prices, there is a high chance of ongoing sideways trading between the $300 and $320 areas.

BNB is trading at $307 at press time.

About the author

Denys Serhiichuk

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.

Excerpt from:

Binance Coin (BNB) Price Analysis for January 7 - U.Today