Last updated on August 8, 2023
The momentum of BNB (Binance Coin) is currently shifting towards the bearish side, putting pressure on the bulls. The key support levels to watch are at $230, while the key resistance levels are at $260. BNB is currently trading within a flat channel, indicating a consolidation period that is likely to end with a strong breakout once the price determines its direction. However, market participants are struggling to break these key levels of support and resistance. The latest daily candle is a bearish engulfing one, signaling that sellers have the upper hand. If this momentum continues, it could put the key support at $230 under pressure. The daily MACD is also showing signs of weakness, with a potential bearish cross if buyers fail to return. This could further intensify the bearish trend that has been in place since early June. The bias for BNB is currently bearish, and in the short term, if the key support at $230 fails, BNB could retest the $200 level in August.
Hashtags: #BNB #BinanceCoin #BearishMomentum #SupportLevels #ResistanceLevels #FlatChannel #ConsolidationPeriod #MarketParticipants #Sellers #KeySupport #KeyResistance #BearishEngulfingCandle #MACD #BearishCross #ShortTermPrediction #CryptocurrencyAnalysis
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