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Binance Coin (BNB) Price Analysis for August 9

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Wed, 9/08/2023 - 18:00
Binance Coin (BNB) Price Analysis for August 9
Cover image via www.tradingview.com

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Bulls remain more powerful than bears, according to the CoinMarketCap ranking.

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BNB/USD

The rate of Binance Coin (BNB) has risen by 0.50% since yesterday.

BNB/USD chart by TradingView

Image by TradingView

Despite a slight rise, the rate of BNB remains bearish as the price is coming back to the local support level of $243.50.  If the daily closure happens around that mark, the breakout may lead to a test of the $240 zone soon.

BNB/USD chart by TradingView

Image by TradingView

Today's rise has not affected the general position of BNB on the daily time frame. Neither buyers nor sellers have seized the initiative yet, which is confirmed by the low volume.

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All in all, ongoing sideways trading between $240 and $250 is the more likely scenario until the end of the week.

BNB/BTC chart by TradingView

Image by TradingView

The rate of Binance Coin (BNB) is looking bearish on the daily chart, as the price keeps falling after a failed attempt to fix above the resistance at 0.008437. If buyers cannot get back in the game soon, there is a high chance of seeing a test of the 0.008 area shortly.

BNB is trading at $244 at press time.

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