Technical Analysis for BNBUSD for 3rd April 2023
BNB Slips 4%, Coin Under Pressure and May Fall Below $300
Past Performance of BNB
BNB Technical Analysis
From the daily chart, prices are within a bear breakout formation, consolidating inside a wide-ranging sell candlestick. With a spike in trading volumes accompanying the sell-off of March 27, buyers are yet to recover, and prices are consolidating horizontally inside the bar. In the day ahead, traders can watch out for how prices react at $300, marking last week's lows and $330, or March 27 highs. A high volume close above $330, reversing losses, is ideal but should be wide-ranging, convincingly canceling out bears, perhaps lifting the coin towards $350. On the other hand, losses below $300 will trigger a sell-off confirming the anchor bar of March 27. It is highly likely that BNB will slip to March lows at $270 in that eventuality.
What to Expect from BNB
Traders are hopeful but regulatory factors could heap more pressure on BNB. Immediate reaction points remain at $330 and $345 to the upper side and $300, or last week's lows. Any dip below recent support could heap more pressure on the coin.
Resistance level to watch: $330
Support level to watch: $300
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