U.Today – Most of the coins are turning to red, according to CoinStats.

The rate of (BNB) has dropped by 1% over the last day.

On the hourly chart, the price of BNB is coming back to the local support of $605.84. If nothing changes by the end of the day, traders may witness a test of the $605 mark by tomorrow.

On the bigger time frame, the situation is rather more bearish than bullish. As the the rate is far from key levels, one should focus on the vital zone of $600.

If it breaks out, the correction is likely to continue to the $580-$590 range.

From the midterm point of view, none of the sides has seized the initiative so far. In this case, there are low chances to see any sharp moves soon. All in all, the consolidation around the $600 area is the more likely scenario by the end of the month.

BNB is trading at $610.95 at press time.

This content was originally published on U.Today