Technical Analysis for BNBUSD for 2nd March 2023
BNB Dumps 11% from February Highs, Key Support at $290
Past Performance of BNB
Like the rest of the crypto markets, BNB remains under pressure. The coin is down roughly 11% from February peaks and could trickle even lower in the days ahead. BNB's slide might continue in the short term unless prices swing above the middle BB.
BNB Technical Analysis
There are two levels of resistance limiting BNB bulls' progress. The first is the middle BB, where, following losses on February 9, prices have remained below the dynamic line. Second, BNB is capped at $320. Therefore, unless BNB expands to close above these two zones, the short-term trend is skewed for a break below $290. In that eventuality, traders may ride the breakout, dumping BNB as they target $250. This flashes with the 78.6% Fibonacci retracement level of the December to February trade range.
What to Expect from BNB
The short-term trend favors sellers. If there are losses below $290, BNB may extend their losses, even sliding to crucial support levels, and an opportunity for aggressive sellers. For now, traders may wait for a clear trend definition in the short term, aware that gains above $320 may be a reprieve for optimistic bulls.
Resistance level to watch: $320
Support level to watch: $290
Disclaimer: Opinions expressed are not investment advice. Do your research.
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