Bitcoin and other top crypto tokens were trading mixed on Monday. The digital token market moved sideways in August due to the global vacation season and lack of major key economic events. However, the phase of consolidation may trigger some gains in the token space.
BNB is within a horizontal channel in the medium term. The price action has started registering short line candles in the daily chart, indicating that BNB is currently entering a consolidation. BNB can consolidate between the range of $236 and $244, and is facing immediate resistance at $250. If the price successfully surpasses this level, it could potentially lead to the resistance level of $265 and $280.
 

 
The 200-day EMA is currently at $239 and BNB is barely above this level. Its RSI has marginally recovered from past week’s decline and is currently in neutral territory.If BNB is unable to break through the $250 barrier, $235 serves as an early support level, with the $220 zone providing the next line of defence.

Major Levels:
Support: $235, $220
Resistance: $250, $265, $280(Views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)