Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

The cryptocurrency market is bouncing back, according to CoinStats.

BNB/USD

The price of Binance Coin (BNB) has fallen by 0.38% over the past day.

On the hourly chart, the rate of SOL has broken the local resistance level of $571.1. If the daily bar closes above it, the growth may continue to the $590-$600 zone soon.

On the bigger time frame, the price has made a false breakout of yesterday's low. However, the rate of SOL does not have enough strength for a continued bull run. 

In this case, sideways trading in the range of $570-$590 is the more likely scenario.

From the midterm point of view, the situation is quite similar. As none of the sides has seized the initiative yet, traders may expect ongoing consolidation in the zone of $550-$600 by the end of the month.

BNB is trading at $580 at press time.