The market bounce back has not lasted long, according to CoinStats.BNB chart by CoinStats

BNBUSD

The rate of Binance Coin (BNB) has dropped by 1.67% since yesterday.Image by TradingView

On the hourly chart, the price of BNB has broken the local support of $568.60. If the daily bar closes below it, the decline may continue to the $560 zone tomorrow.Image by TradingView

On the bigger time frame, one should pay attention to yesterday’s bar low.

If the closure happens below it, there is a good chance of seeing a test of the $540-$550 zone by the end of the week.Image by TradingView

From the midterm point of view, the rate of BNB has again failed to fix above the $585.30 level. If the weekly bar closes far from it, bears may again seize the initiative, which could lead to a drop to the $550 mark.

BNB is trading at $567.30 at press time.