Market Analysis

BINANCE COIN PRICE ANALYSIS & PREDICTION (February 20) – BNB Faces Multiple Rejections After Reaching A New Milestone, Potential Retracement

BNB appeared a bit weak on the intraday trading following multiple rejections in the past few days. However, its bullish trajectory remains intact as it may resume buying once it finds a key level for a rebound.

After establishing base support above $290 last month, BNB initiated a surge and flipped through a dynamic resistance line earlier this month.

It advanced higher last week and further broke through a multi-month high to mark a new one at $366.8 – its highest price level in a year. It later paused buying pressure and retraced slightly due to a rejection.

The buyers reinitiated the surge earlier today but it was quickly countered with a sharp rejection as the sellers showed a strong reaction. 

BNB now trades at around $354 following a slight retracement. It may pull lower if the price further drops. Aside from the $348 level, which has been held as support since last weekend, the key support level to consider for a rebound lies at $338 – the recently broken resistance. 

However, a surge above last week’s high should bring more rallies with notable gains. The continuous decline in the daily volume indicator suggests a potential divergence, which may play out shortly. All in all, the price is still up by 150% in the last six months.

BNB Key Level To Watch

Source: Tradingview

A push above the important $366.8 resistance (last week’s high) could allow an increase to $376 before testing the $380 level. If BNB crosses these levels, $400 would be the next area of interest for the buyers.

If a rebound fails to occur above $338.3, it may navigate towards the $322 support level. The lower levels to watch for more drops would be $308.

Key Resistance Levels: $366.8, $376, $380

Key Support Levels: $338.3, $322, $308

  • Spot Price: $354
  • Trend: Bullish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: ximagination/123RF // Image Effects by Colorcinch

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