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The market does not seem ready yet for a fast bounce back, according to CoinStats.
BNB/USD
The rate of Binance Coin (BNB) has dropped by almost 2% since yesterday.
On the hourly chart, the price of BNB is near the local support at $613.80.
If buyers cannot seize the initiative and the bounce back does not happen until the end of the day, traders may expect a test of the $610 mark tomorrow.
On the longer time frame, one should focus on the bar's closure in terms of the $616 level. If a breakout occurs, the accumulated energy might be enough for a further drop to the nearest support at $601.
From the midterm point of view, sellers are also more powerful than buyers. If the weekly bar closes below $601, there is chance to witness a sharp drop to the $550 zone soon.
BNB is trading at $621.26 at press time.
Dan Burgin
U.Today Editorial Team