The market is going down today after a few days of growth, according to CoinMarketCap.
Top coins by CoinMarketCapBNB/USD
The rate of Binance Coin (BNB) has fallen by 3.88% over the last 24 hours.
Image by TradingViewOn 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.
Image by TradingViewOn 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.
Image by TradingViewFrom 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.
Source: https://u.today/binance-coin-bnb-price-analysis-for-january-29
