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Binance Coin (BNB) Price Analysis for August 31

Thu, 08/31/2023 - 18:00
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Denys Serhiichuk
Has price of Binance Coin (BNB) found local bottom so far?
Binance Coin (BNB) Price Analysis for August 31
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Bears are trying to seize the initiative at the end of the day, according to CoinStats.

Top coins by CoinStats


The price of Binance Coin (BNB) has declined by 0.53% since yesterday.

Image by TradingView

On the hourly time frame, the price of Binance Coin (BNB) has come back to the bearish zone as the rate is again below the $224 mark. If the situation does not change by the end of the day, the decline may continue to the support of $222.6 soon.

Image by TradingView

On the daily chart, neither bulls nor bears are dominating as the price is far from the main levels. The falling volume confirms such a statement. In this case, consolidation in the range of $220-$226 is the more likely scenario for the next few days.

Image by TradingView

On the weekly time frame, one should pay attention to the bar's closure. If it happens above the $230 mark, buyers might seize the initiative, which can lead to a further rise to the $240 zone.

XRP Price Analysis for August 30

Such a scenario is relevant until mid-September.

BNB is trading at $223.3 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at