Binance Coin (BNB) Price Analysis for August 18

Read U.TODAY on

Google News

Sellers have completely gotten back in the game, according to the CoinMarketCap ranking.

Top coins by CoinMarketCap

BNB/USD

The rate of Binance Coin (BNB) has fallen by 5.54% since yesterday.

Image by TradingView

The price of BNB is in the middle of the local channel, between the support at $213.5 and the resistance at $220.3. If today’s bar closes near the $220 mark, bulls might seize the initiative, which can lead to a test of $224 tomorrow.

Image by TradingView

Yesterday’s dump has formed a local peak at $212.5. At the moment, traders are unlikely to see sharp moves. However, the rate of BNB does not have enough energy yet for a bounce back.

All in all, sideways trading between the $215 and $220 mark is the more likely scenario for the next few days.

Image by TradingView

On the weekly chart, traders should focus on the $214.8 level. If the candle closes near it, it means that one can expect one more wave of decline. If that happens, there is a chance of seeing a test of the $200 area.

BNB is trading at $217.5 at press time.