Binance Coin (BNB) Price Analysis for January 16

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Bulls are losing their initiative as the rates of most of the coins are in the red zone.

BNB/USD

Binance Coin (BNB) could not withstand bears’ pressure, going down by 1.26% over the last 24 hours.

BNB/USD chart by TradingView

On the hourly chart, the price of Binance Coin (BNB) has broken the support at $296 and keeps declining. In this case, the more likely scenario is the ongoing drop to the $290 zone.

Thus, the selling volume is rising, which means that bears are not going to give up so easily.

BNB/USD chart by TradingView

On the daily chart, the price of Binance Coin (BNB) has failed to fix above the vital $300 zone. Currently, one should pay attention to the daily closure. If it happens below yesterday’s low at $291.8, the decline may lead to the test of the support at $287.7.

BNB/BTC chart by TradingView

The situation is more bearish on the daily time frame against Bitcoin (BTC), as the rate keeps decreasing after the breakout of the support at 0.01433. If buyers cannot seize the initiative shortly, the downward move may continue to the 0.014 zone.

BNB is trading at $295.8 at press time.

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