Binance Coin (BNB) Price Analysis for May 25

The cryptocurrency market is trading sideways as neither bulls nor bears are dominating today.

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BNB/USD

The price of Binance Coin (BNB) is unchanged over the last 24 hours.

Image by TradingView

On the local time frame, the rate has made a false breakout of the resistance at $306.4 against increased volume. If the daily bar closes above the $304 mark, the growth may lead to the test of $308-$310 zone tomorrow.

Image by TradingView

On the daily chart, the rate of Binance Coin (BNB) has bounced off the support at $302.2. As there are no reversal signals yet, one can expect a sharp drop below the vital $300 zone. Thus, enough energy has been accumulated so far for such a move.

Image by TradingView

From the midterm point of view, the rate of Binance Coin (BNB) is trading in the middle of a wide channel, between the support at $281 and the resistance at $350.

However, if a breakout of the $300 mark happens, the test of the lower level may take place within the next few days.

BNB is trading at $304.9 at press time.