Binance Coin (BNB) Price Prediction for May 17

Bears are more powerful than bulls on the first day of the weekend, according to CoinStats.

BNB/USD

The price of Binance Coin (BNB) has fallen by 4.12% over the last day.

On the hourly chart, the rate of BNB is in the middle of the local channel. However, if the growth continues, one can expect a test of the resistance by tomorrow.

On the bigger time frame, the price of the native exchange coin has made a false breakout of the $640.66 level. However, one should focus on the daily bar closure.

If it happens around that mark, traders may witness an ongoing correction to the $630 range.

From the midterm point of view, bulls have failed to maintain the rise after the previous bullish closure. If the bar closes far from the $680 mark, a further downward move remains the more likely scenario.

BNB is trading at $641.53 at press time.

Source