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Bulls are trying to restore their lost positions, according to CoinMarketCap.

BNB/USD

The price of Binance Coin (BNB) has risen by 0.84% over the last 24 hours.

On the hourly chart, the rate of BNB has broken the local resistance of $508.10. If buyers can hold the gained initiative and the daily bar closes above that mark, the upward move is likely to continue tomorrow.

On the daily time frame, the picture is bearish. The price is testing the support of $495.80. If it breaks out, traders may witness a sharp drop to the $470-$480 range soon.

From the midterm point of view, there are no reversal signals yet.

If the weekly bar closes around the current prices, or below them, there is a chance to see a test of the support level of $454.80 within the next few days.

BNB is trading at $499.60 at press time.