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Bulls could not seize the initiative as the rates of all of the top 10 coins keep falling.
Top coins by CoinMarketCap
BNB/USD
The price of Binance Coin (BNB) has declined by 1.34% over the last 24 hours.
Image by TradingView
Despite the fall, the rate of Binance Coin (BNB) is looking bullish on the hourly chart as the price is trying to fix above the resistance of $241.2. If buyers manage to do that, growth may continue to the $243 zone tomorrow.
Image by TradingView
A less positive picture can be seen on the daily chart as the rate remains far from the main levels. As none of the sides has seized the initiative yet, ongoing sideways trading in the area around $240 is the most likely scenario until the end of the week.
Image by TradingView
A similar situation can be seen on the weekly chart, as the price of BNB keeps accumulating energy for a sharp move. The falling volume confirms that there are low chances of seeing any sharp moves yet.
Respectively, ongoing consolidation between $235 and $245 is the more likely scenario until mid-August.
BNB is trading at $241.1 at press time.
Mushumir Butt
Tomiwabold Olajide
Gamza Khanzadaev
