Binance Coin (BNB) Price Analysis for August 11

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Neither bulls nor bears have seized the initiative on the cryptocurrency market yet.

Top coins by CoinMarketCap

Top coins by CoinMarketCap

BNB/USD

The price of Binance Coin (BNB) has declined by 0.60% since yesterday.

BNB/USD chart by TradingView

Image by TradingView

The rate of Binance Coin (BNB) is also looking bearish on the hourly time frame. If the price remains below the $239.7 mark, there is a high possibility of seeing a test of the $235 mark soon. Such a scenario is relevant until the end of tomorrow.

BNB/USD chart by TradingView

Image by TradingView

The situation is also bearish on the bigger chart, as the rate has failed to fix above the $240 zone. If buyers cannot seize the initiative shortly, the drop may continue to the next support area of $230-$235.

BNB/USD chart by TradingView

Image by TradingView

From the midterm point of view, traders should focus on the zone around $235. If the bar closes near that mark, the decline may lead to a further downward move to $220. Such a scenario is relevant until the end of the month.

BNB is trading at $239 at press time.

Source: https://u.today/binance-coin-bnb-price-analysis-for-august-11