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Sellers are trying to seize the initiative, according to CoinStats.
BNB/USD
The rate of Binance Coin (BNB) has gone down by almost 2% since yesterday.
On the hourly chart, the price of BNB is declining after a false breakout of the local resistance of $1,318. If bulls cannot come back to the game, there is a high chance to see a test of the $1,252 level by tomorrow.
On the longer time frame, the rate of the native exchange coin is far from key levels. In this case, one should pay attention to the bar closure in terms of yesterday's candle's low.
If it happens near it or below, the drop is likely to continue to the $1,200 range.
From the midterm point of view, there are no reversal signals yet. In this regard, traders should focus on the weekly bar's closure in terms of its peak. If it happens with a short wick, the upward move may lead to the test of a new all-time high.
BNB is trading at $1,271 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team