Bulls are not ready for a rise yet, according to the CoinMarketCap ranking.
BNB/USD
Binance Coin (BNB) has turned out to be less of a loser than Bitcoin (BTC), falling by 2.71%.
On the hourly chart, the price of Binance Coin (BNB) has bounced off the support at $288.7. Currently, traders should focus on that mark as, if the candle closes near it, the ongoing decline may continue to the $285 mark.
On the bigger time frame, the price of Binance Coin (BNB) is trading near the interim support at $289.8. In case of a false breakout, one can expect a further downward move to the $280 area.
Such a scenario is relevant until the end of the week.
From the midterm point of view, the rate of Binance Coin (BNB) is below the $300 mark again, which means that bears have seized the initiative. In this case, there is a high possibility of seeing a continued drop by the end of the week to the support at $281.1.
BNB is trading at $289.6 at press time.