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Technical Analysis for BNBUSD for 14th February 2023

BNB Drops 15% in 2 Weeks, Path Back to $260?

Past Performance of BNB

BNB is down 15 percent from last week. Yesterday's bar was bearish and engulfing with a spike in trading volumes. Since the bar is breaking down below the middle BB, that is, the support, and has high participation lines; it signals that the uptrend is over. Subsequently, traders may search for entries to sell, targeting key support lines defined in January and Q4 2022.

BNB Technical Analysis

Sellers are in control. The drop in prices on February 13 may spill over to today. In that case, traders can search for selling opportunities if prices are below February 13 high at around $315. The sell-off mirrors the drop of February 9, pointing to immense selling pressure in BNB. Based on the formation in the daily chart, the next target for determined sellers could be $260, marking September 2022 lows. If BNB sellers press on, prices may retest December 2022 lows of $230.

What to Expect from BNB

BNB is under immense selling pressure and could post even more losses in the days ahead. From the daily chart, any surge above $320 and February highs will rejuvenate demand, canceling out sellers.

Resistance level to watch: $320

Support level to watch: $260

Disclaimer: Opinions expressed are not investment advice. Do your research.

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