The rate of Binance Coin (BNB) has fallen by 1.44% over the last 24 hours, indicating a continued bearish trend.
Current Situation on the Hourly Chart
Despite today's drop, the price of BNB keeps looking bearish on the hourly chart. If the breakout of the local support level of $565.20 happens, the energy might be enough for a test of the $560 range tomorrow.
Long-Term Time Frame Perspectives
On the bigger time frame, the rate of BNB is far from the main levels. In this case, one should pay attention to the bar's closure in terms of yesterday's low. If it happens below it, the fall may continue to the $550 area within the next few days.
Mid-Term Forecasts
From the midterm point of view, the situation is bearish. The price of the native exchange coin keeps going down after a false breakout of the resistance of $612.60. If buyers cannot seize the initiative shortly, the correction may lead to a test of the $520 zone soon.
BNB is trading at $566.90 at press time.
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