How deep can drop of Binance Coin (BNB) go at current correction?
Sellers might have locally seized the initiative, according to the CoinMarketCap ranking.
Binance Coin (BNB) could not withstand sellers’ pressure, going down by 2.59%.
On the local chart, the price has made a false breakout of the support level at $305.2. Until the rate is above it, bulls remain more powerful than bears. However, if buyers cannot come back to the resistance shortly, one can expect a fall below $300 soon.
On the bigger time frame, the rate has made a false breakout of the resistance at $316, which means that bulls might need more time to accumulate energy for a further move.
In this case, sideways trading in the range of $300-$310 is the more likely scenario until the end of the week.
Analyzing the daily chart against Bitcoin (BTC), the situation is almost unchanged as the price is stuck in the middle of a wide channel. If buyers want to seize the initiative, they need to return the rate to the 0.0136 zone.
BNB is trading at $310 at press time.
Written by: Denys Serhiichuk
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