U.Today - Bears are again more powerful than bulls, according to CoinStats.
BNB chart by CoinStats
BNB/USD
The price of Binance Coin (BNB) has dropped by 4.64% since yesterday.
On the hourly chart, the rate of BNB is far from the local support and resistance levels. As neither buyers nor sellers are dominating, ongoing sideways trading in the range of $500-$515 is the more likely scenario until the end of the day.
On the bigger time frame, the price of BNB has made a false breakout of yesterday's candle's low.
However, if today's bar closes near the $500 area, the accumulated energy might be enough for an ongoing decline to the $480-$490 zone.
From the midterm point of view, one should pay attention to the weekly candle's closure. If it happens below the $507 mark, the correction may continue to the $470 range.
BNB is trading at $509.70 at press time.
This content was originally published on U.Today
