The market keeps going down today, according to CoinMarketCap.
Top coins by CoinMarketCapBNB/USD
The rate of Binance Coin (BNB) has dropped by 7.79% over the last 24 hours.
Image by TradingViewOn the hourly chart, the price of BNB is falling after a breakout of the local support at $672.70. If sellers’ pressure continues and the daily bar closes far from that mark, one can expect a test of the $650 zone soon.
Image by TradingViewOn the longer time frame, there are no reversal signals yet.
If the daily candle closes around the current prices or below them, the decline may lead to a test of the $600 area over the next few days.
Image by TradingViewA similar picture can be seen on the weekly chart. As bears keep controlling the situation on the market, traders may witness a further drop to the $600 range by mid-January.
BNB is trading at $665.55 at press time.
Source: https://u.today/binance-coin-bnb-price-analysis-for-february-5
