Binance Coin (BNB) Price Analysis for January 7

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

BNB/USD

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.

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Denys Serhiichuk