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Binance Coin (BNB) Price Analysis for August 18

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

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Sellers have completely gotten back in the game, according to the CoinMarketCap ranking.

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BNB/USD

The rate of Binance Coin (BNB) has fallen by 5.54% since yesterday.

BNB/USD chart by TradingView

Image by TradingView

The price of BNB is in the middle of the local channel, between the support at $213.5 and the resistance at $220.3. If today's bar closes near the $220 mark, bulls might seize the initiative, which can lead to a test of $224 tomorrow.

BNB/USD chart by TradingView

Image by TradingView

Yesterday's dump has formed a local peak at $212.5. At the moment, traders are unlikely to see sharp moves. However, the rate of BNB does not have enough energy yet for a bounce back.

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All in all, sideways trading between the $215 and $220 mark is the more likely scenario for the next few days.

BNB/USD chart by TradingView

Image by TradingView

On the weekly chart, traders should focus on the $214.8 level. If the candle closes near it, it means that one can expect one more wave of decline. If that happens, there is a chance of seeing a test of the $200 area.

BNB is trading at $217.5 at press time.

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