Market Analysis

BINANCE COIN PRICE ANALYSIS & PREDICTION (February 28) – BNB Takes Break After Testing $400, More Surge Underways

BNB started this month positively and increased by over 30% to reach a 22-month high on Monday. Since then, it paused buying pressure but it seemed to be footing another increase on the lower timeframe.

The latest increase in BNB’s price was majorly footed by the established $290 support in late January, which led to a notable break out of a month’s resistance line earlier this month. It quickly tapped the $320 level in the second week and consolidated for a while.

It picked up and added a few dollars near $367 before witnessing a slight pullback to $345 last week. BNB resurged again and closed that week at $388 after rejecting the $391 level. It broke higher on Monday and tested $403.

Yesterday saw the crypto through a little drawdown but it appeared to have resumed buying today following a 2% increase in the past hours.

An increase above the weekly high could set the coin for more positive actions on the daily timeframe. Failure to sustain buying pressure could lead to another correction just like what we experienced last month before resuming bullish.

Currently, the trend is still looking very bullish across the higher timeframes with 87% gains in the last three months of trading.

BNB Key Level To Watch

Source: Tradingview

After surpassing this week’s high, the key resistance levels to watch in the near term are $425 and $450. The next target for buying would be $475.

Right now, the support level to watch for a pullback lies at $387.4, followed by $388.8. Another support level to keep in mind is $345 in case of more drops.

Key Resistance Levels: $425, $450, $475

Key Support Levels: $387.4, $388.8, $345

  • Spot Price: $400
  • 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: moxumbic/123RF // Image Effects by Colorcinch

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