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Neither bulls nor bears have seized the initiative on the cryptocurrency market yet.
Top coins by CoinMarketCap
The price of Binance Coin (BNB) has declined by 0.60% since yesterday.
Image by TradingView
The rate of Binance Coin (BNB) is also looking bearish on the hourly time frame. If the price remains below the $239.7 mark, there is a high possibility of seeing a test of the $235 mark soon. Such a scenario is relevant until the end of tomorrow.
Image by TradingView
The situation is also bearish on the bigger chart, as the rate has failed to fix above the $240 zone. If buyers cannot seize the initiative shortly, the drop may continue to the next support area of $230-$235.
Image by TradingView
From the midterm point of view, traders should focus on the zone around $235. If the bar closes near that mark, the decline may lead to a further downward move to $220. Such a scenario is relevant until the end of the month.
BNB is trading at $239 at press time.
Excerpt from:
Binance Coin (BNB) Price Analysis for August 11 - U.Today
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