The bears are back in the game as all coins from the top 10 list are again in the red zone.
BNB/USD
The price of Binance Coin (BNB) has dropped by more than 4% over the last 24 hours.
On the hourly chart, BNB has started the day with growth; however, bulls could not hold the initiative, having formed the false breakout of the local resistance level at $285.8. Until the price remains trading below the support at $283, the fall may continue.
Today's fall has not affected the rate of Binance Coin (BNB) that much as the price keeps trading in the middle of a wide range, which means that neither bulls nor bears have accumulated enough power for a further sharp move.
In this case, the more likely scenario is ongoing trading between $280 and $290.
From the midterm point of view, the situation is similar as none of the sides is dominating at the moment. Such a statement is also confirmed by the falling volume. If buyers want to start a rise, they need to return the price to the vital $300 mark.
BNB is trading at $281.9 at press time.
Godfrey Benjamin
Yuri Molchan
Alex Dovbnya