Bears are again more powerful than bulls, according to CoinStats.
BNB chart by CoinStatsBNB/USD
The price of Binance Coin (BNB) has dropped by 4.64% since yesterday.
Image by TradingView
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.
Image by TradingView
On the bigger time frame, the price of BNB has made a false breakout of yesterday's candle's low.
card
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.
Image by TradingView
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.
