Binance Coin (BNB) Price Analysis for August 31
Bears are trying to seize the initiative at the end of the day, according to CoinStats.
BNB/USD
The price of Binance Coin (BNB) has declined by 0.53% since yesterday.
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.
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.
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.