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The market is going down today after a few days of growth, according to CoinMarketCap.
$BNB/USD
The rate of Binance Coin ($BNB) has fallen by 3.88% over the last 24 hours.
On the hourly chart, the price of $BNB is going down after a breakout of the local support at $893.20. If bears' pressure continues, one can expect a test of the $850 zone by tomorrow.
On the longer time frame, one should focus on the support level at $864.64. If its breakout happens, the accumulated energy might be enough for a more profound drop to the $830-$850 zone.
Such a scenario is relevant until the end of the week.
From the midterm point of view, the situation is rather more bearish than bullish, even though the rate of $BNB is far from key levels. If the weekly bar closes around the current prices or below them, traders may witness a test of the $800-$820 range next month.
$BNB is trading at $860.56 at press time.
invezz.com
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