Technical Analysis for BNBUSD for 23rd February 2023
BNB Accumulates, Critical Resistance at $320
Past Performance of BNB
BNB prices are stable at spot rates, trading within a tight range in the past few days. Even though the uptrend is valid, there can be concerns in the short term, more so if BNB fails to close above $320. Support lies at around $295.
BNB Technical Analysis
Traders are confident that BNB will resume its uptrend. Nonetheless, the consolidation of the past few days, coupled with the failure of buyers to push the coin above $320, is a concern. The primary trend, nonetheless, remains northwards. However, BNB must rise above this week's highs with expanding volumes for trend continuation. The breakout bar would anchor the leg up towards $340 in a retest of February highs. Conversely, losses below $295 may see BNB slip to $255 in a contraction.
What to Expect from BNB
BNB is bullish, but the short-term swings favor sellers. If BNB manages to break above the current accumulation, there could be a reprieve for buyers. If not, the coin might slip to retest critical support levels of the December-February range.
Resistance level to watch: $320
Support level to watch: $295
Disclaimer: Opinions expressed are not investment advice. Do your research.
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