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Binance Coin (BNB) Price Analysis for August 31

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Thu, 31/08/2023 - 18:00
Binance Coin (BNB) Price Analysis for August 31
Cover image via www.tradingview.com

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Bears are trying to seize the initiative at the end of the day, according to CoinStats.

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Top coins by CoinStats

BNB/USD

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

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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.

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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.

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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.

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Such a scenario is relevant until mid-September.

BNB is trading at $223.3 at press time.

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