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Binance Coin (BNB) Price Analysis for August 11

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Fri, 11/08/2023 - 18:00
Binance Coin (BNB) Price Analysis for August 11
Cover image via www.tradingview.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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

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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.

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