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More and more coins are coming back to the red zone, according to CoinStats.
BNB/USD
The rate of Binance Coin (BNB) has declined by 3.11% since yesterday.
On the hourly chart, the price of BNB is about to break the local support of $815. If it happens, the correction is likely to continue to the $800 area.
On the longer time frame, there are no reversal signals yet. The rate of the native exchange coin keeps going down after a false breakout of the resistance of $847.12.
If the daily bar closes around the current prices or below, traders may witness a test of the $780-$800 range soon.
From the midterm point of view, one should pay attention to the weekly bar's closure. If it happens far from the $847.12 level, there is a high chance of seeing an ongoing decline to the $800 zone and below.
BNB is trading at $814.55 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team