How far can Binance Coin (BNB) decline go with the current correction?
Sellers may have locally taken the initiative, according to the CoinMarketCap ranking.
Binance Coin (BNB) couldn’t resist the pressure from the sellers, falling 2.59%.
On the local chart, the price made a false break of the support level at $305.2. Until the rate is above, the bulls remain more powerful than the bears. However, if the buyers cannot get back to the resistance soon, we can expect a drop below $300 soon.
On a longer time frame, the rate made a false break of the resistance at $316, which means the bulls might need more time to build up energy for another move.
In this case, sideways trading in the $300-$310 range is the most likely scenario through 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 broad channel. If the buyers want to take the lead, they need to bring the rate back into the 0.0136 zone.
BNB is trading at $310 at press time.